Is Inheritance Taxable in Tennessee?
Navigating an inheritance in Tennessee involves more than just state law. Understand the complete tax implications for beneficiaries and inherited assets.
Investment and Financial Markets
How to Get a Tax ID Number for a Trust After Death
When a trust becomes a distinct legal entity after the grantor’s death, a new federal tax ID is required. Learn the steps for this key trustee duty.
The Tax Treatment for Stock Issuance Costs
Understand the tax treatment for costs of issuing corporate stock. These expenses are not deductible but instead permanently reduce the capital raised by the company.
Foreign Withholding Tax: Claiming the Foreign Tax Credit
Earning income from foreign sources often means paying foreign tax. Learn about the U.S. tax provisions that help offset this liability on your annual return.
IRS Rules for Being Permanently and Totally Disabled
A permanent and total disability status has a distinct meaning to the IRS, influencing your tax return, retirement funds, and overall financial picture.
What Is the Stock Buyback Excise Tax?
A practical overview of the 1% stock buyback excise tax, focusing on how final liability is shaped by the interplay between repurchases and stock issuances.
What Are Cost Flow Assumptions in Accounting?
Learn how the method used to assign costs to inventory directly impacts a company’s cost of goods sold, reported income, and tax obligations.
Performance Materiality vs. Tolerable Misstatement
Learn how auditors apply materiality from a strategic, overall audit level down to the tactical testing of individual accounts and transactions.
Deferred Commissions Accounting Under ASC 606
Learn the principles of deferring sales commission costs as an asset and expensing them over time to accurately reflect contract profitability.
Form 5472 Filing Instructions and Requirements
Understand the compliance obligations for reporting corporations filing Form 5472. Our guide details the process for reporting foreign-related party transactions.
What Are the 1099 Filing Requirements for 2024?
Navigate the 2024 Form 1099 requirements. This guide clarifies the complete reporting process for businesses and the tax implications for their recipients.
What Are Interest Reserves and How Do They Work?
Understand the financial mechanics of an interest reserve, a fund that covers loan payments during a project’s non-income-generating development phase.
Can I Claim Uber Rides to Work on My Taxes?
Understand the principles that separate personal travel from a business expense to see if your Uber rides are a valid tax deduction.
Section 383 Limitations on Corporate Tax Attributes
Understand the mechanics of Section 383, from the ownership change trigger to the ordered application of limits on tax credits and capital losses.
Can I Take Money Out of My Roth IRA to Buy a House?
Accessing your Roth IRA for a down payment involves specific guidelines. Learn how timing and the type of funds withdrawn affect your tax and penalty obligations.
Use the Simplified Method Worksheet, Not Form 8829
Claiming the home office deduction doesn’t always require Form 8829. Learn the streamlined process using a simple worksheet for a direct calculation on your Schedule C.
Rehabilitation Tax Credit: How to Qualify and Claim It
Explore the financial benefits of restoring older properties with the federal rehabilitation tax credit, a key incentive for historic preservation projects.
How to Handle Rhode Island Withholding
Navigate the requirements of Rhode Island’s state income tax withholding. This guide helps employers ensure their payroll processes are accurate and compliant.
What Is the 45Y Clean Electricity Production Credit?
Understand the structure of the 45Y Clean Electricity Production Credit, how project decisions impact its final value, and new options for monetization.
Federal Tobacco Tax: Rates and Filing Requirements
Navigate federal tobacco tax compliance. Our guide details the financial and procedural obligations for U.S. tobacco manufacturers and importers with the TTB.