Why Is My Bank Asking for a W-9 Form?
A W-9 request from your bank is a routine step for tax compliance. Learn why financial institutions need this form to fulfill their IRS reporting duties.
Investment and Financial Markets
What Is the Meaning of Unrealized Gains?
Explore the concept of “paper profits” in your portfolio. Understand the crucial distinction between a fluctuating unrealized gain and a locked-in, taxable realized gain.
Why Is My W2 Lower Than My Salary?
Understand why your W-2 shows a lower wage than your salary by learning the key distinction between your total earnings and your taxable income.
What Was Section 182 of the Internal Revenue Code?
Understand the former Section 182 of the Internal Revenue Code, a repealed tax deduction for farm land clearing, and how these costs must now be capitalized.
What Is a Tax Indemnification Agreement?
A tax indemnification agreement contractually allocates financial responsibility for specific tax liabilities, providing clarity in complex transactions.
What Is the MA Bank Interest Exemption?
Understand the Massachusetts bank interest exemption. This state tax benefit is determined by your age, filing status, and the location of your bank.
Is a New Roof a Repair or Improvement?
Understand how classifying a roofing project as a repair versus an improvement impacts your property’s cost basis and your current tax obligations.
Indonesia Withholding Tax: How the System Works
Explore the mechanics of Indonesia’s withholding tax system for both domestic and cross-border payments, from the payer’s role to the recipient’s ability to claim relief.
Tax Ethics: Responsibilities for Taxpayers and Professionals
Navigating the tax system requires more than knowing the law. Explore the ethical considerations for both taxpayers and their professional advisors.
How to Value Stock Using IRS Revenue Ruling 79-16
Learn the structured IRS methodology for valuing private company stock using comparative analysis and key financial adjustments for tax compliance.
What Is Unexpired Insurance in Accounting?
Explore the accounting for prepaid insurance, a key process that converts a balance sheet asset into a recognized expense over its useful life.
Illinois Secure Choice: A Guide for Employers
A practical guide for Illinois employers on navigating the Secure Choice retirement savings mandate, clarifying compliance duties and administrative processes.
What Are the Imputed Interest Rate Rules?
Understand the tax logic when a loan has little or no interest. This guide explains how the IRS views these transactions and the financial obligations that result.
Internal Revenue Code 105(h): Nondiscrimination Rules
Learn how IRC Section 105(h) governs self-insured health plans, ensuring benefit fairness and defining the tax liability for highly compensated individuals.
Why Are 529 Plans Considered a Bad Idea?
While often recommended for college savings, 529 plans have structural limitations and financial complexities that may not suit every family’s goals.
How to Make the Election Not to File Form 1116
Claim the Foreign Tax Credit without the complexity of Form 1116. Learn about a simplified option for eligible taxpayers and its important tax considerations.
What Is a CP01H Notice and Why Did I Receive One?
Understand the purpose of the IRS CP01H notice and the mandatory Identity Protection PIN program for securing your annual federal tax return.
Accounting for a Change in Principle Inseparable From an Estimate
Discover the correct accounting treatment when a change in principle is intertwined with a change in estimate, impacting current and future financial statements.
IRS Notice 2022-52: What Are the Disclosure Rules?
Navigate the disclosure requirements of IRS Notice 2022-52. This guide clarifies compliance obligations for those involved in certain conservation easements.
How Hard Is It to Do Your Own Taxes?
Filing your own taxes can be straightforward or complex. This guide helps you understand your personal tax situation to decide if DIY filing is the right choice.