Is Income Taxes Payable a Current Liability?
Learn how the timing of a tax obligation determines its classification as a current liability and its important effect on a company’s financial health.
Investment and Financial Markets
Section 865: Source Rules for Personal Property Sales
Explore the tax sourcing of gains on personal property under Sec. 865. The rules diverge from the seller’s residence based on the specific character of the asset.
Section 875: Tax Rules for Foreign Partners & Beneficiaries
Understand how the business activities of a U.S. partnership or trust directly create U.S. tax and filing obligations for its foreign owners.
Creating a Foundation for Tax Purposes
An overview of the legal and financial mechanics involved in establishing a private foundation for structured charitable giving and effective tax planning.
What Is the Built-in Gains Tax for S Corporations?
Explore the tax implications for a business transitioning from a C corp to an S corp, specifically how gains on prior assets are treated.
Do You Pay Tax on Court Settlements?
The tax treatment of a legal settlement depends on the purpose of the funds. Learn the principles that determine which parts of your award are taxable.
Can You Withdraw From an HSA After 65?
At age 65, your Health Savings Account evolves into a more flexible retirement tool. Learn the key tax distinctions for using your funds in retirement.
How to Calculate the Foreign Tax Credit
Understand how to properly account for foreign income taxes on your U.S. return to prevent double taxation and correctly calculate your available credit.
What Is a Total Tax Deficiency and What Does It Mean?
A total tax deficiency notice is more than an overdue bill. Understand the formal assessment process and the structured options available to taxpayers.
Are 529 Contributions Tax Deductible in Iowa?
Iowa provides a state income tax deduction for contributions to a 529 plan. Explore the specific requirements and tax implications for Iowa residents.
Can I Claim My Married Child as a Dependent?
Learn if you can claim a married child as a dependent. The answer depends on specific IRS rules, primarily why they file a joint return and who pays for support.
Debt Modification vs. Extinguishment: Accounting Treatment
Understand the financial thresholds that distinguish a debt modification from an extinguishment and the distinct accounting procedures required for each classification.
What Is Considered a Half-Time Student?
Your college enrollment status has significant financial implications. Find out how the half-time student classification is determined and why it matters.
Ohio’s LLC Tax Rate and Business Tax Obligations
Understand your Ohio LLC’s tax obligations. Your company’s tax liability is shaped by its federal structure and specific business activities within the state.
What Is an Estimated Tax Payment and Who Must Pay It?
For income not subject to withholding, the tax system requires a pay-as-you-go approach. Learn the principles of estimated tax to manage your liability.
Missouri Tax Reform: An Overview of the Changes
Explore Missouri’s new tax structure, which lowers personal and business tax obligations through a multi-year plan tied to state revenue performance.
IRS Notice 2018-13 and the Section 965 Transition Tax
Gain clarity on the Section 965 transition tax with an analysis of IRS Notice 2018-13, the key guidance for applying post-TCJA international tax rules.
How to Calculate Your S Corporation Shareholder Basis
Tracking your S Corp shareholder basis is essential. Learn how this dynamic calculation determines the tax consequences of your investment year after year.
Do You Pay Taxes on Land You Own?
Owning land involves distinct tax events. Learn how recurring property taxes and capital gains from a sale are calculated and discover potential tax savings.
How is Rental Property Taxed in South Carolina?
Understand the tax framework for SC rental properties, from how your property is valued to calculating and reporting your net rental income.