What Does a Fiscal Year End Mean for Your Business?
Understand the rules for selecting a business tax year that aligns with your operational cycle and the core accounting procedures required at year-end.
Investment and Financial Markets
Do Tankless Water Heaters Qualify for a Tax Credit?
A new tankless water heater may reduce your tax liability. Understand the specific equipment requirements and financial caps for claiming the federal energy credit.
What Does a Personal Exemption Mean for Your Taxes?
Explore how the suspension of federal personal exemptions was offset by a larger standard deduction and expanded tax credits for dependents.
Form 940 Late Filing Penalty and How to Abate It
Discover the framework for addressing late Form 940 filings, from understanding the associated costs to building a case for penalty removal.
The Airbnb 14 Day Rule and Your Taxes
Understand the key tax distinction for short-term rentals. The number of days your home is rented determines whether you must report income or can deduct expenses.
What Is a Recapture Agreement for Estate Tax?
Understand how a recapture agreement enables special use valuation to lower estate tax on qualified property and the long-term commitments required of heirs.
What Happens When a Company Goes Into Liquidation?
When a company enters liquidation, control passes to a liquidator who systematically sells assets to repay creditors before the business legally ceases to exist.
Can You Do a 1031 Exchange Into an Annuity?
Transitioning from real estate to passive income? Learn how to navigate tax-deferral regulations and find the right investment structure for your financial future.
What Is the Process for an Accounting Standard Update?
Understand the methodical process for financial reporting changes, from their development by standard-setters to their application within a company.
How Does a 457 Retirement Plan Work?
Understand the mechanics of a 457 retirement plan, from its independent contribution limits to its flexible, penalty-free withdrawal rules after separation.
Does an Installment Agreement Extend the Statute of Limitations?
Certain taxpayer actions to resolve tax debt can pause the IRS collection clock. Understand how the 10-year statute of limitations is affected.
Civil Damages for Fraudulent Information Returns: 26 USC 7434
Explore the federal civil remedy for intentionally filed fraudulent information returns, detailing the legal framework for pursuing statutory damages and costs.
What Are the IRS Rules on Restricted Donations?
Understand the IRS rules and legal duties connecting a donor’s specific charitable goals with a nonprofit’s responsibility to manage the funds.
Revenue Procedure 97-13 and New Management Contract Rules
Learn how IRS compliance for management contracts at tax-exempt financed facilities shifted from a rigid structure to a more modern and flexible framework.
What Is Non-Passive Income and How Is It Taxed?
Learn how your level of participation in a business or investment dictates its tax classification and the rules for deducting any associated losses.
501c7 Social Club: Requirements for Tax-Exempt Status
Navigate the requirements for 501(c)(7) status, balancing member-focused activities with strict IRS rules on income, operations, and annual reporting.
Can You Write Off Business Insurance?
Business insurance is a deductible expense, but IRS rules on what qualifies and when you can claim it are specific. Learn the key distinctions and limitations.
What Is Form 1099-DA and How Do I Use It?
Form 1099-DA brings new clarity to digital asset tax reporting. Understand how it documents your proceeds and basis for accurate IRS compliance.
Form 5310-A: When and How to File for Plan Changes
Understand the procedural requirements of Form 5310-A for major retirement plan changes to ensure IRS compliance and protect participant benefits.
What Are Federal Taxes and How Do They Work?
Gain a foundational understanding of how the U.S. government levies, collects, and allocates federal tax revenue to fund public services.