Who Is Considered an Executor Under IRC 2203?
Learn who the IRS considers responsible for estate taxes under IRC 2203. The duty can extend beyond a formal executor to anyone controlling a decedent’s assets.
Investment and Financial Markets
What Are Extraordinary Expenses in Child Support?
Go beyond basic child support calculations. This guide explains how to legally define, divide, and process additional expenses for your child’s needs.
Can You Do a 1035 Exchange on an Inherited Annuity?
Understand the tax-deferred transfer of an inherited annuity. Learn how the original cost basis and required distribution timeline carry over to the new contract.
Can I Change My LLC to a Sole Proprietorship?
Changing your LLC to a sole proprietorship is a formal legal process of dissolution. This guide covers the procedural steps and administrative tasks involved.
What Is the IRS Compliance Assurance Process?
The IRS Compliance Assurance Process is a voluntary program offering large taxpayers tax certainty through a cooperative, real-time review before the return is filed.
Notice 2003-65: S Corp Distribution Tax Consequences
Analyze the IRS’s reclassification of a specific S corp financial arrangement under Notice 2003-65 and the resulting disclosure obligations.
The QBI Deduction Phase Out Rules for 2023
The value of your 2023 QBI deduction is tied to your taxable income. Explore how the calculation and limitations shift as your income rises.
Can a Trust Own an LLC in California?
Learn the legal and operational considerations for holding a California LLC within a trust to integrate your business with your estate plan.
A Review of the State of VT’s Tax System
Understand Vermont’s tax framework. This guide details how financial obligations are calculated for individuals, homeowners, and businesses in the state.
How Ohio Handles Federal Bonus Depreciation
Ohio does not conform to federal bonus depreciation rules. Learn the process for making the required multi-year adjustments to your state taxable income.
Which States Allow Charitable Deductions?
State tax laws for charitable donations are not uniform. Discover the different approaches states take to providing tax benefits for your contributions.
What Is a Section 457 Plan and How Does It Work?
Learn how a Section 457 deferred compensation plan works for public employees and how the specific plan type determines your savings and access options.
What to Do When You Have a Tax Balance Due
Understand why a tax balance occurs and learn the practical, official steps to manage and resolve your payment obligation with the IRS.
What Are the Weirdest Taxes in the United States?
Some US tax laws are defined by peculiar details and surprising logic. Explore the specific and often strange rules governing what states choose to tax.
Special Purpose Frameworks for Financial Statements
A special purpose framework provides a valid alternative to GAAP, offering a targeted basis of accounting tailored to specific user or contractual needs.
How Does IRC 280C Affect the Employee Retention Credit?
Claiming the Employee Retention Credit impacts your business’s taxable income. Understand the required wage deduction adjustment and your options for compliance.
IRS Section 2702: Valuation Rules for Family Trusts
Learn the critical valuation rules of IRS Section 2702 for family trusts and their impact on gift tax, including strategies for compliant wealth transfers.
What Is Internal Revenue Code Section 912?
IRC Section 912 provides a tax exclusion on specific foreign allowances for U.S. government personnel serving abroad, affecting their reportable income.
Do You Get a Tax Credit for Buying a House?
While a general homebuyer credit is unavailable, homeownership still offers significant tax advantages. Learn how these benefits work to lower your tax bill.
Section 2702: Special Valuation Rules for Gifts in Trust
Understand how IRS Section 2702 impacts gift tax valuation when transferring assets to family in trusts and the structures that comply with its rules.