Do You Pay Social Security on Bonuses?
Understand how Social Security tax applies to your bonus. Your total annual earnings play a crucial role in determining the final amount you owe.
Investment and Financial Markets
Can the IRS Take My Home for Unpaid Taxes?
The IRS can claim an interest in your home for unpaid taxes, but taking it involves a lengthy legal process with built-in taxpayer rights.
How to Claim Non Profit Write Offs on Your Taxes
Navigate the IRS rules for charitable giving. Understand the complete process for correctly claiming your donations to non-profits as a tax deduction.
What If You Can’t Afford to Pay Your Taxes?
Discover a clear path forward when you can’t afford your tax bill. Learn how to navigate IRS procedures to manage what you owe and minimize additional costs.
What Are the Disadvantages of a SEP IRA?
A SEP IRA’s simplicity can hide significant drawbacks. Explore the plan’s inherent inflexibility and limitations to see if it’s the right fit for your business.
SAB 99 Codification for Assessing Financial Materiality
SAB 99 defines financial materiality as more than a number. Learn how SEC guidance requires a focus on the total mix of information for the reasonable investor.
IRC 2511: What Are Taxable Transfers and Gifts?
Learn the broad criteria the IRS uses to define a taxable gift, focusing on the substance of a property transfer rather than the donor’s intent.
Do Traditional 401k Income Limits Exist?
A 401k has no direct income cap for contributions. Learn how your salary can still indirectly affect your savings through plan-specific rules and tests.
I Didn’t File Last Year’s Taxes. Can I Still File?
Filing a past-due tax return involves specific steps and financial outcomes. Learn how to navigate the process for a prior year to claim a refund or resolve a balance.
What to Know About ASC 820-10 Fair Value Measurement
Delve into the ASC 820 framework, which provides a consistent, market-based approach for determining the value of assets and liabilities in financial reports.
What Property and Income Are Exempt From an IRS Levy?
Federal law sets specific limits on what the IRS can seize. Learn how these protections apply to your personal property and the income you earn.
What Is Real Estate Carried Interest & How Is It Taxed?
Understand the financial mechanics and crucial tax regulations governing a real estate sponsor’s share of investment profits, a key form of incentive compensation.
How IRS Code 2001 Governs the Federal Estate Tax
Understand the principles governing the federal estate tax. See how an estate’s value is adjusted by deductions, gifts, and credits to arrive at a final tax.
Does Kentucky Have an Inheritance Tax?
Kentucky levies an inheritance tax on beneficiaries based on their relationship to the deceased. Learn how this system works and who is typically exempt from paying.
What Is the Series Guidance in ASC 606?
Learn how a key provision in ASC 606 simplifies revenue accounting by treating a series of similar, recurring deliverables as a single obligation.
What Happens to a Donor-Advised Fund at Death?
A donor-advised fund succession plan ensures your philanthropic vision continues. Learn how to direct the future of your DAF’s charitable assets.
Does Colorado Tax Military Retirement?
Understand Colorado’s tax treatment of military retirement pay. A significant pension subtraction, with limits based on age, can lower your state tax liability.
Is a Timeshare a Second Home for Tax Purposes?
Learn how your timeshare’s ownership structure and usage determine its tax status. Understand the key factors for treating it as a second home.
Assessing the Valuation Allowance for Deferred Tax Assets
Understand the process and judgment required to assess the valuation allowance for deferred tax assets and determine their realizable value on the balance sheet.
What Is a Traditional 401k and How Does It Work?
Explore the complete lifecycle of a traditional 401k. This guide explains the core principles of this key retirement savings vehicle from start to finish.