EU DAC7: New Tax Reporting Rules for Platforms
Explore the EU’s DAC7 directive, which creates new tax reporting obligations for digital platforms regarding the income earned by their sellers.
Investment and Financial Markets
Family Limited Partnership vs. Irrevocable Trust: Key Differences
Choosing between a family limited partnership and an irrevocable trust involves key trade-offs. Learn their core differences to better align your wealth strategy.
How to File Form 56 for Revocation of Election
Concluding your duties as a fiduciary involves a formal notification to the IRS. Learn the correct procedure to finalize your legal and tax responsibilities.
What Are the Traditional IRA Contribution Limits?
Learn the rules for Traditional IRA contributions. See how income, age, and filing status impact your ability to contribute and claim a tax deduction.
How to Determine Depreciable Basis for an Asset
Establishing the correct depreciable basis for a business asset is a multi-step process. Learn how this value is calculated and updated over time.
Self-Employed SEP IRA: Contribution Rules and Deadlines
Navigate the specific rules for a self-employed SEP IRA. Learn the correct method for calculating contributions and how to leverage flexible funding deadlines.
Can a Parent Withdraw Money From a 529 Plan?
As the account owner of a 529 plan, you control all withdrawals. Understand the guidelines for accessing funds to maximize the plan’s tax-free benefits.
What Is the Difference Between a P&L and a Balance Sheet?
Explore how a company’s profitability over a period is different from its financial position at a moment in time, and how the two are directly linked.
How to File Form 1096 and When It Is Required
Understand the role of Form 1096 as the IRS summary for paper-filed returns and the specific circumstances that determine if you need to file it.
Per Diem vs. Actual Expenses: Which Method Is Better?
Selecting between per diem and actual expenses impacts your financial reporting and administrative load. Learn which method aligns with your business goals.
Tax Treatment of Canadian Social Security Benefits
As a U.S. resident, your Canadian social security is taxed by the U.S. This guide clarifies the treaty rules to ensure proper reporting and tax efficiency.
California 529 Withdrawal Rules You Should Know
Understand the financial and reporting requirements for using your California 529 to ensure you withdraw funds correctly and avoid unexpected tax penalties.
What Are the Current Standard Deduction Amounts?
Understand the key tax deduction used to lower taxable income. This guide covers current amounts and the criteria for deciding on your best tax filing strategy.
What Is the Minimum Income to File Taxes in 2020?
Understand the IRS income thresholds for filing a 2020 tax return. Learn how factors like age and dependency affect your filing obligation and potential refund.
IRC Section 104(a)(2): Are Injury Settlements Taxable?
The taxability of a personal injury settlement depends on specific details. Understand how the IRS views different types of damages and why the agreement’s wording is key.
IRC 2516: The Gift Tax Safe Harbor for Divorce
Understand the tax considerations for property settlements in divorce. Specific provisions determine if a transfer is a fair exchange rather than a taxable gift.
Are Loan Proceeds Considered Taxable Income?
Borrowed money isn’t income because it creates a liability. Learn about the tax implications that arise when that liability is removed or reduced.
Box 14 UI/WF/SWF: Are These Taxes Deductible?
Clarify the meaning of state tax withholding in Box 14 of your W-2 and learn how it may factor into your itemized deductions for federal taxes.
What If I Have Two W2 Forms From Different States?
Filing with W-2s from multiple states involves coordinating your returns. Understand the process to report income correctly and ensure you don’t overpay on taxes.
Rev Proc 2023-24: Simplified Method for Late Elections
Rev. Proc. 2023-24 offers a simplified framework for correcting certain late tax elections, providing relief without the cost or delay of a formal IRS ruling.