What Is a Section 986(c) Gain or Loss?
Section 986(c) provides the tax framework for reconciling exchange rate differences on distributions of previously taxed foreign income.
Investment and Financial Markets
Oklahoma 529 Contribution Limits and Tax Rules
Navigate Oklahoma 529 plan contributions by understanding the state tax deduction and federal gift tax rules for effective education savings.
CECL Accounting Examples and Calculation Methods
Gain a clear understanding of the CECL accounting standard. See how historical data, forecasts, and qualitative factors are combined to estimate lifetime credit losses.
What Is the Depreciation Life of an Elevator?
Learn how an elevator’s status as a structural component determines its depreciation life and limits common accelerated write-off strategies for property owners.
What Is Included on Form 941 Line 2?
Determine the correct total compensation for Form 941 Line 2 by identifying all reportable payments and distinguishing them from excludable items.
Do Foreigners Pay Capital Gains Tax on US Stocks?
For non-US investors, tax on US stock gains depends on several factors. Understand how your personal circumstances and investment choices affect your tax liability.
Tax Consequences of a Non Qualified 1035 Exchange
Failing to meet 1035 exchange rules creates a taxable event. Learn how gain is calculated as ordinary income and how the new asset’s cost basis is determined.
What’s the Standard Deduction for Married Filing Jointly?
Understand the standard deduction for married couples and when itemizing expenses might be a better tax strategy to lower your taxable income.
Sale of Accounts Receivable: Accounting and Tax Rules
Understand the key accounting distinctions and tax rules for selling accounts receivable to ensure proper financial reporting and compliance.
What Are the Tax Implications of a Merger?
How a merger is structured dictates the tax outcome for shareholders and the corporation. Understand the factors that determine immediate vs. deferred liability.
Pre-Tax Deductions on Your W2 Explained
Understand how your benefit contributions lower your taxable wages and learn to locate the corresponding deduction information on your W-2 form.
The IRA 25C Tax Credit: What It Is and How to Claim It
Understand how recent changes to the 25C tax credit can benefit homeowners. Get clear guidance on turning energy-efficient upgrades into tax savings.
OECD Pillar 1 and 2 Summary: The Rules Explained
A clear explanation of the two-part global tax reform. Learn how new rules shift taxing rights to market jurisdictions and establish a worldwide minimum tax.
What Are the Capital Gains Tax Rules for Collectibles?
The profit from selling personal assets like art or coins follows a distinct set of capital gains tax rules that differ from standard investments.
How to Use Your RMD to Donate to Charity
Integrate your charitable giving with your retirement strategy. Learn the requirements for donating your RMD to a cause you support in a tax-efficient way.
Are Municipal Bonds Taxable in California?
For California investors, the tax-free status of municipal bonds isn’t always straightforward. Understand how a bond’s origin and other factors impact your tax bill.
How Much Are Taxes on 10 Million Dollars?
The tax on $10 million is not a single figure. It depends on whether the funds are income, capital gains, or an inheritance, each with its own tax rules.
Can I Use a 529 Plan to Pay for Transportation?
A 529 plan has specific rules for withdrawals. Learn what defines a qualified expense to maximize your plan’s tax benefits and avoid costly penalties.
Are Disaster Relief Payments Taxable Income?
Understand the tax implications for financial aid received after a disaster. Learn how the source and purpose of a payment affect its treatment by the IRS.
ASC 350-40: Capitalizing Internal-Use Software Costs
Understand the accounting framework that governs how a company’s investment in its own software is reflected in its financial statements over time.