IRS Notice of Deficiency Increase in Tax: What to Do Next
Receiving an IRS Notice of Deficiency requires a timely decision. This guide clarifies the choices you have and the specific actions required for each path.
Investment and Financial Markets
How to Handle LLC Taxes in Colorado
Understand how your LLC’s federal tax election impacts Colorado state income, sales, and payroll tax obligations. Learn the process from registration to filing.
Why Would You Receive a Tax Refund After Filing Your Return?
A tax refund is the result of paying more tax than you owe. Learn the key factors that reconcile your payments with your final bill, leading to a refund.
What Are the Capital Gains Tax Thresholds?
The tax on investment profits isn’t a flat rate. Learn how your taxable income, filing status, and asset type interact to determine what you’ll owe.
What Is Form 8612 for Clean Vehicle Credits?
Learn the role of IRS Form 8612 in converting your clean vehicle purchase into a tax credit, whether claimed on your return or at the dealership.
Are Credit Card Sign Up Bonuses Taxable?
Understand the tax rules for credit card bonuses. Learn why some rewards are considered non-taxable rebates while others are treated as reportable income.
Inherited 403(b): Rules and Options for a Beneficiary
Understand the key considerations and timelines for managing an inherited 403(b) to make a sound financial choice and navigate the tax consequences.
What Is the Wealth Tax in Italy for Foreign Assets?
For Italian tax residents, holding assets outside of Italy creates specific tax and reporting duties. Learn how this system works for property and investments.
What Are the Steps for an F-Reorganization?
Learn how to properly structure a corporate F-Reorganization to ensure it qualifies as a tax-free event and meets all legal and IRS obligations.
How to Calculate Qualified Production Activities Income
Learn the method for translating U.S. production activities into the crucial income figure needed to claim the Section 199A business deduction.
What Is OMB No. 1545-0119 for Form 1120?
Learn what OMB No. 1545-0119 signifies for the U.S. Corporation Income Tax Return and navigate the core requirements for preparing and filing Form 1120.
Should I Open a 529 for Each Child?
Choosing between one 529 plan or several for your children has subtle financial implications. Understand the factors that guide the right savings strategy.
What Was IRS Code 820 and Why Was It Repealed?
Explore the life cycle of IRS Code 820, a repealed provision that altered the tax treatment of foreign reinsurance for U.S. insurance companies.
What Is the Qualified Performing Artist Tax Deduction?
Learn about a specific tax deduction that allows employee performing artists to lower their adjusted gross income with unreimbursed professional costs.
What Are the Drawbacks of Putting Your Home in Your Child’s Name?
Deeding your property to a child can create unexpected challenges. Explore how this decision affects both your security and your child’s financial standing.
Can You Contribute to Multiple 401(k)s?
Navigate contributions to multiple 401(k)s by understanding the key differences between personal and per-plan limits to ensure your savings strategy is compliant.
Who Qualifies for the Connecticut Property Tax Credit?
Understand how Connecticut’s property tax credit can reduce your state income tax liability based on your unique financial and household situation.
What Is the Difference Between Cash Flow and Fund Flow?
Explore how a company’s immediate solvency and long-term financial position are assessed using the distinct analytical bases of cash and working capital.
SIMPLE IRA Distribution Rules Explained
Withdrawing from a SIMPLE IRA has unique rules based on timing. Understand the financial impact and process for accessing your retirement funds properly.
How to Convert a Single Member LLC to an S Corp
An S Corp election for a single-member LLC alters how profits are taxed, creating a distinction between owner salary and business distributions.