What Is the Definition of Capital Assets?
A property’s classification as a capital asset is a core tax concept. This distinction, defined by specific exclusions, governs how sales are taxed.
Investment and Financial Markets
What Is the Definition of Budgetary Slack?
Explore how budgetary slack, the intentional padding of budgets, can distort performance metrics and lead to inefficient resource allocation within an organization.
What Is an Inventory Obsolescence Reserve?
Learn how an inventory obsolescence reserve ensures financial accuracy by adjusting stock value to its true worth, a key distinction for reporting and taxes.
IRS Publication 5199: Distribution and Loan Relief
Understand the official IRS guidance on the tax implications and options for retirement funds accessed under the special 2020 relief provisions.
What Is the Subject to Tax Rule Under Pillar Two?
Understand the STTR’s role within Pillar Two, which secures a source country’s right to tax certain payments made to related entities in low-tax jurisdictions.
ASU 2009-14: Software Revenue Recognition Explained
Understand the key shift in software revenue accounting under ASU 2009-14, which introduced a more flexible model for valuing bundled deliverables.
What Is the Section 965 Inclusion Transition Tax?
Explore the Section 965 transition tax, a one-time levy on accumulated foreign earnings that impacts future distributions from foreign corporations.
How Are Employee Bonuses Taxed in Michigan?
Understand the tax withholding process for your Michigan employee bonus. Learn how it impacts your paycheck and what it means for your total annual tax obligation.
The Saskatchewan Graduate Retention Program Explained
For graduates in Saskatchewan, the Graduate Retention Program offers a way to convert paid tuition into a provincial tax credit. Understand the process.
Does Ohio Have a Death Tax or Inheritance Tax?
Gain clarity on the financial obligations for estates and beneficiaries in Ohio. Learn how current state laws differ from federal tax-level requirements.
How Are Wages Calculated on a W-2 Form?
Learn how your gross pay is adjusted by deductions for retirement and health care to determine the different taxable wage amounts found on your W-2 form.
When Are Legal & Professional Fees Tax Deductible?
Understand the tax implications for legal and professional fees. The nature of the service determines whether the cost is a current deduction or capitalized.
Can I Still File 2022 Taxes? Yes, and Here’s How
Filing a past-due 2022 tax return involves unique considerations. Understand the process and financial outcomes for a prior-year filing to claim a refund or resolve a balance.
What Is a Domestic International Sales Corporation?
Explore the structure of a Domestic International Sales Corporation, an entity that offers U.S. exporters a tax benefit by converting export income into dividends.
Section 121 of the Internal Revenue Code Explained
Learn the tax principles governing the sale of a primary residence and how they allow homeowners to shield profit from capital gains tax.
What Replaced Form 1040-EZ for Simple Tax Filing?
Form 1040-EZ is no longer in use, but filing a simple tax return remains straightforward. Learn how to navigate the current Form 1040 for a basic filing.
Isle of Man Income Tax Rates and Rules
A clear overview of the Isle of Man’s tax system, explaining how residency and income type determine the tax obligations for individuals and companies.
What Is Constructive Presence for U.S. Tax Residency?
Learn how the IRS determines U.S. tax residency. This is based on a calculation of physical presence over time, not immigration status, affecting tax liability.
What Is the Lifetime Gift Tax Exemption?
Learn how the lifetime gift tax exemption allows for significant tax-free giving and how it coordinates with annual gift limits and your future estate.
How to Account for Accrued Payroll Taxes
Understand the accounting process for accrued payroll taxes, from recording the initial liability to clearing the balance sheet with a final payment.