How Much Money Do You Need to Start an IRA?
Understand the practical financial requirements for starting an IRA, from the official account minimums to the actual cost of purchasing investments.
Investment and Financial Markets
Section 194 of the Income Tax Act: TDS on Contracts
Understand the process for TDS on contracts under Section 194, from identifying liability and rates to meeting all final compliance requirements.
What Short Term Rental Expenses Are Deductible?
Operating a short-term rental involves specific tax rules. Learn how to properly account for your income and expenses to ensure compliance and reduce tax liability.
How Does the Backdoor Roth IRA Work?
A guide to the Backdoor Roth IRA, explaining the financial mechanics and tax rules that determine its suitability for high-income retirement savers.
What Postage Expenses Are Tax Deductible?
Lower your business’s taxable income by correctly accounting for postage and shipping costs as ordinary and necessary business expenses.
What Is Form 8848 for the Branch Profits Tax?
Learn about Form 8848, the formal agreement allowing the IRS more time to assess the Branch Profits Tax for a foreign corporation’s U.S. operations.
What Local Taxes Does California Have?
While California prohibits local income tax, its cities and counties levy various other taxes on property, transactions, and business operations.
Pro Forma Revenue: What It Is and How to Calculate It
Pro forma revenue adjusts historical data for key business events to provide a more accurate, forward-looking projection of a company’s financial future.
IRS Notice 2011-1: Repealed 1099 Reporting Rules
An overview of IRS Notice 2011-1, detailing temporary guidance on expanded 1099 reporting requirements that were subsequently reversed by new legislation.
Can You Efile 2020 Amended Returns?
Learn about the option to e-file a 2020 amended return. This guide covers the key considerations for a successful submission and tracking its status with the IRS.
How to Set Up a SEP IRA for a Sole Proprietor
For sole proprietors, a SEP IRA offers a simple, tax-deductible path to retirement savings with high and flexible contribution limits.
What is ASA 510 for Auditing Opening Balances?
Learn how ASA 510 provides the framework for verifying opening balances, a critical step that ensures the integrity of a company’s current financial audit.
Is Your Tuition Waiver Considered Taxable Income?
Understand the principles that determine if your tuition waiver is a tax-free educational benefit or if it will be treated as taxable income.
Section 547: What Is a Preferential Transfer?
Explore how Section 547 of the Bankruptcy Code assesses pre-filing payments to ensure an equitable distribution of assets among a debtor’s creditors.
How to Find Your Estimated Tax Payments
Reconcile your personal payment records with the IRS to ensure you report the correct amount of estimated tax on your annual return.
Do I Have to Pay Taxes on Timber Sold?
How your timber sale is structured and accounted for determines your tax obligation. Learn the key factors for accurate calculation and reporting.
Who Must File a PA Inheritance Tax Return?
Understand the legal duty for filing a PA Inheritance Tax Return. This guide clarifies who holds the responsibility and the purpose behind this estate obligation.
Is a 401(k) a Qualified Retirement Plan?
A 401(k)’s “qualified” status is an IRS designation defined by specific rules. Understand how these regulations create key tax advantages and shape your savings.
How to Use the Streamlined Tax Filing Procedures
Learn how to correct past, non-willful failures to report foreign assets through the IRS’s official compliance program and get current on your tax obligations.
What Is the Status of the US-Russia Tax Treaty?
Learn how the termination of the US-Russia tax treaty affects tax obligations and the key mechanisms available to mitigate potential double taxation.