How Do 457 Catchup Contributions Work?
A 457(b) plan offers powerful but complex ways to increase contributions. Learn the eligibility rules and how to coordinate your savings strategy.
Investment and Financial Markets
The Tax Treatment of Contracts and Straddles
Explore the specific tax principles for offsetting investment positions, which alter the timing and character of how capital gains and losses are recognized.
Tax Implications of Revenue Ruling 83-65
Understand how the legality of a payment dictates its tax consequences for both parties, a principle defined by IRS Revenue Ruling 83-65.
Federal Form 7004: Filing for a Business Tax Extension
Learn how to use Form 7004 for an automatic business tax filing extension. This guide clarifies the process and the important distinction between deadlines to file and pay.
Do I Have to Pay the Federal Universal Service Fund?
This guide clarifies the Universal Service Fund charge on your bill, explaining the difference between a provider’s cost recovery and a direct government tax.
What Happens If You Owe State Taxes?
Understand the standard procedures state tax agencies follow for an unpaid liability and learn about the different pathways available for resolution.
Can You File 2021 Taxes Without Filing 2020?
It’s possible to file a current tax return when a prior one is unfiled. Learn the correct procedure to stay compliant and address your past-due obligations.
How the One Rollover Per Year Rule Works
When moving IRA funds, the transfer method you choose is critical. Learn the key distinctions to comply with the yearly rollover rule and avoid tax complications.
What’s the Difference Between a 401k and a Mutual Fund?
Clarify the roles of a 401k and a mutual fund in your savings. Learn how one is a type of account and the other is an investment you can hold within it.
The Small Business Tax Fairness and Compliance Simplification Act
Discover how federal legislation establishes a uniform framework for remote sales tax, simplifying compliance and clarifying responsibilities for small businesses.
ASC 965: Accounting for Health and Welfare Plans
This guide to ASC 965 clarifies the financial reporting for health and welfare plans, detailing the principles for valuing assets and liabilities.
How Much of Your Social Security Income Is Taxable?
The taxability of Social Security depends on more than just your benefits. Understand how your overall income and filing status affect the calculation.
ASC 610: Gains and Losses on Nonfinancial Assets
Learn the accounting framework for recognizing gains and losses on the disposal of nonfinancial assets that are not part of a company’s core business.
How to File Form 1120 for a C Corporation
Understand the key principles of C corp taxation to accurately report your business’s financial activity and reconcile book income with tax law on Form 1120.
What Is the Minimum Acreage for Farm Tax in Kentucky?
Understand how Kentucky’s agricultural valuation program can lower your property taxes by assessing land on its use value rather than its market value.
North Carolina Tax Credit for Solar Panels
Navigate the current financial incentives for solar in North Carolina. Learn about the primary federal tax credit and local programs that make solar more affordable.
IRS Publication 969: Tax Rules for Health Plans
Understand the tax rules for your health savings and spending accounts. This guide clarifies IRS Publication 969 on contributions, distributions, and expenses.
How to Issue a W-2 When You Employ Your Child
When you employ your child, issuing a W-2 is a key compliance step. Understand the tax implications for your business entity and how to file correctly.
GASB Capital Assets: Accounting and Reporting Rules
Examine the GASB framework that guides the financial measurement and reporting of a government’s long-term physical and infrastructure assets.
What Is Form 8836 and Who Needs to File It?
Learn about Form 8836, the IRS document used by parents living apart to formally transfer the right to claim a qualifying child on a tax return.