GASB 34: New Requirements for General Capital Assets
Understand GASB 34’s comprehensive framework for accounting for general capital assets, from their initial valuation to their presentation in financial statements.
Investment and Financial Markets
What Is Non-Recourse Debt and Its Tax Consequences?
Learn how loans that limit a borrower’s personal liability can still create a taxable event upon default, even without any cash proceeds.
Do I Need to File Form 1065 If No Income?
Filing Form 1065 is often required even if your partnership has no income. Understand the critical distinction between zero income and zero financial activity.
How Much Can I Contribute to My IRA in 2023?
The amount you can contribute to an IRA in 2023 is determined by several factors. Learn the specific rules for your financial situation to save effectively.
How Does the Annuity Tax Deduction Work?
Explore the tax implications of an annuity. The ability to deduct contributions is determined by the source of the funds used to purchase the contract.
Alabama Form 20S: S Corporation Filing Instructions
Properly file your Alabama S Corp tax return. Our guide clarifies the Form 20S process, from gathering financial data to navigating the PTE tax election.
Liabilities: Are They a Debit or a Credit?
Clarify how liabilities are recorded in accounting. Learn the fundamental logic of debits and credits and how they keep your company’s finances in balance.
What Are the Vacation Rental Tax Rules?
Navigating vacation rental taxes involves more than just tracking income. Your property’s tax obligations depend on how you balance personal use with rental days.
IRS Section 4958: Excess Benefit Transaction Penalties
IRS Section 4958 governs transactions between tax-exempt organizations and their insiders, imposing penalties to prevent improper personal financial gain.
Can the IRS Overdraft Your Bank Account?
While the IRS cannot force your bank into a negative balance, their collection process has rules that can result in indirect overdrafts. Learn how it works.
How to Report an OID Adjustment on Your Tax Return
The OID income reported on your tax form isn’t always the correct taxable amount. Learn when an adjustment is necessary to ensure tax reporting accuracy.
What Tax Form Does an Independent Contractor Use?
Understand the full cycle of tax responsibilities for an independent contractor, from calculating your business profit to fulfilling your quarterly tax obligations.
What Is an Eligible Rollover Distribution?
Understand how to move retirement savings to a new account. Following specific rules for your distribution is key to avoiding tax withholding and penalties.
What Is a Transfer Tax in Closing Costs?
A transfer tax is a variable closing cost with key financial outcomes, affecting the buyer’s cost basis and the seller’s reportable capital gain.
Car Sales Tax in Illinois: How It Works
Understand how to properly calculate Illinois vehicle sales tax. The method and amount owed change based on the car’s price and the nature of the transaction.
How Rule 456 Impacts Broker Voting in Director Elections
Understand the subtle but significant shift in corporate governance resulting from a key change to broker voting in director elections.
A Review of Your Indirect Business Tax Obligations
Explore the full lifecycle of your business’s pass-through tax duties, from identifying where obligations exist to fulfilling them with government agencies.
How to Do an IRA Rollover to a Roth
Moving funds from a traditional IRA to a Roth requires understanding the tax impact and procedural rules to ensure it’s done correctly for your financial goals.
Can I Deduct Home Repairs on My Taxes?
The tax treatment for home expenses is nuanced. Learn how the nature and purpose of the work can impact your current deductions or your tax liability when you sell.
What Are Section 52 Controlled Group Rules?
Explore how tax law views businesses with overlapping ownership, treating them as one entity and altering how key tax benefits and limits are applied.