What to Do If You Receive IRS Letter 6173
Understand what IRS Letter 6173 means for your virtual currency tax compliance and learn the correct framework for reviewing your records and resolving the notice.
Investment and Financial Markets
How to Audit Cash: Key Audit Procedures
Learn the auditor’s systematic process for verifying cash, moving from risk assessment to the validation of financial statement balances and disclosures.
26 USC 6502: How Long Can the IRS Collect a Tax Debt?
The government’s power to collect tax debt is limited by law. Understand the factors that define the IRS collection period and its definitive expiration.
What Is the Section 179b Disabled Access Deduction?
Learn the specific IRS rules for the disabled access tax deduction and how small businesses can use Section 179B to help offset accessibility costs.
What Are the Semi-Weekly Deposit Rules for Employers?
Your business’s federal tax deposit schedule is set by your past tax liability. Understand the rules that determine your payment deadlines and ensure compliance.
What Income Is Exempt From FICA Taxes?
Not all income is subject to Social Security and Medicare taxes. Understand the specific circumstances and criteria that exempt certain wages from FICA.
What Are Deferred Transactions in Accounting?
Explore how accrual accounting correctly times revenue and expense recognition when cash payments don’t align with the delivery of goods or services.
What Is the National Standard for Mileage Reimbursement?
Learn how the IRS standard rate simplifies vehicle expense deductions. This guide covers the complete process, from substantiating mileage to proper tax filing.
Can You File for Unemployment if You Are 1099?
While 1099 status generally precludes unemployment benefits, exceptions exist. Understand the specific scenarios that can lead to eligibility and how to prepare.
Doing Business in California With an Out of State LLC
Gain clarity on the legal and financial responsibilities when your LLC, formed elsewhere, conducts business within California’s unique regulatory environment.
How to Fill Out Form 5329 for Missed RMD
Learn the correct procedure for using Form 5329 after a missed RMD. This guide shows how to address the shortfall and request a waiver of the tax penalty.
Regulation 1.6081-5: Automatic Extension for Information Returns
Understand the rules for an automatic extension to file information returns and the key distinctions between filing with the IRS, paying tax, and furnishing copies.
Are Dividends Considered Capital Gains?
Though they arise from different activities, dividends and capital gains can share similar tax rates, a key point of confusion for many investors.
Why Is Form 8891 No Longer Required by the IRS?
A tax treaty update streamlined deferrals on Canadian retirement plans, making Form 8891 unnecessary. See which reporting requirements remain for U.S. taxpayers.
What Is the Definition of a Journal in Accounting?
Learn how an accounting journal serves as the starting point for financial records, providing a chronological log that ensures data accuracy and integrity.
Can I File Form 941 Online? Requirements and Process
Navigate the full electronic process for Form 941. Understand the key preparations needed before you file and the separate steps for submission and payment.
What Is the 45B Tax Credit for FICA on Tips?
Discover how the 45B tax credit helps food and beverage employers offset FICA taxes paid on employee tips above the federal minimum wage.
Tax Sheltered Annuity vs. 401(k): What’s the Difference?
While both 403(b) and 401(k) plans help you save for retirement, your employer’s sector dictates which one is available and its underlying rules.
Do I Need a VA 1095 Form for My Taxes?
Your VA Form 1095-B is proof of health coverage. Learn why it may be essential for filing state taxes, even if not required for your federal return.
Does New Mexico Accept a Federal Tax Extension?
Filing a federal tax extension impacts your New Mexico return. Learn the state’s rules for extending your filing deadline versus the deadline for paying taxes owed.