Do Private Schools Pay Taxes? A Breakdown of the Rules
A private school’s tax liability depends on its legal framework. Learn how the distinction between non-profit and for-profit status defines what they pay.
Investment and Financial Markets
Rev. Proc. 2022-14: Simplified Method for Portability
Explore how Rev. Proc. 2022-14 provides an accessible path for certain estates to secure a decedent’s unused estate tax exemption for a surviving spouse.
Code Section 402: Taxation of Plan Distributions
This guide explains the core tax principles for retirement plan withdrawals. Learn how your choices on timing and form of payment shape your tax obligations.
What Is a Wandry Clause and How Does It Work?
Explore a defined value clause that allows for gifting hard-to-value assets by fixing the dollar amount, protecting donors from unforeseen gift tax liability.
Form 8932: Filing for the Employer Differential Wage Credit
Certain U.S. shareholders can make a tax election to apply corporate rates to undistributed earnings from specific foreign corporations.
Are Non-Economic Damages Considered Taxable Income?
Understand the tax rules for your legal settlement. Whether compensation for pain and suffering is taxable depends on the origin of your legal claim.
What Are the Worst States for Trusts?
A trust’s jurisdiction is a critical decision. Discover how state laws can unexpectedly impact a trust’s effectiveness and financial outcomes.
GASB 34: New Requirements for General Capital Assets
Understand GASB 34’s comprehensive framework for accounting for general capital assets, from their initial valuation to their presentation in financial statements.
What Is Non-Recourse Debt and Its Tax Consequences?
Learn how loans that limit a borrower’s personal liability can still create a taxable event upon default, even without any cash proceeds.
Do I Need to File Form 1065 If No Income?
Filing Form 1065 is often required even if your partnership has no income. Understand the critical distinction between zero income and zero financial activity.
How Much Can I Contribute to My IRA in 2023?
The amount you can contribute to an IRA in 2023 is determined by several factors. Learn the specific rules for your financial situation to save effectively.
How Does the Annuity Tax Deduction Work?
Explore the tax implications of an annuity. The ability to deduct contributions is determined by the source of the funds used to purchase the contract.
Alabama Form 20S: S Corporation Filing Instructions
Properly file your Alabama S Corp tax return. Our guide clarifies the Form 20S process, from gathering financial data to navigating the PTE tax election.
Liabilities: Are They a Debit or a Credit?
Clarify how liabilities are recorded in accounting. Learn the fundamental logic of debits and credits and how they keep your company’s finances in balance.
What Are the Vacation Rental Tax Rules?
Navigating vacation rental taxes involves more than just tracking income. Your property’s tax obligations depend on how you balance personal use with rental days.
IRS Section 4958: Excess Benefit Transaction Penalties
IRS Section 4958 governs transactions between tax-exempt organizations and their insiders, imposing penalties to prevent improper personal financial gain.
Can the IRS Overdraft Your Bank Account?
While the IRS cannot force your bank into a negative balance, their collection process has rules that can result in indirect overdrafts. Learn how it works.
How to Report an OID Adjustment on Your Tax Return
The OID income reported on your tax form isn’t always the correct taxable amount. Learn when an adjustment is necessary to ensure tax reporting accuracy.
What Tax Form Does an Independent Contractor Use?
Understand the full cycle of tax responsibilities for an independent contractor, from calculating your business profit to fulfilling your quarterly tax obligations.
What Is an Eligible Rollover Distribution?
Understand how to move retirement savings to a new account. Following specific rules for your distribution is key to avoiding tax withholding and penalties.