What Are the 60-Day IRA Withdrawal Rules?
Moving IRA funds yourself starts a 60-day clock. Understand the specific rules for an indirect rollover to protect your retirement savings from taxes and penalties.
Investment and Financial Markets
Common Examples of Nonrecourse Liabilities
Explore how nonrecourse financing limits a borrower’s liability and how this protection impacts the tax treatment of losses under IRS at-risk rules.
What to Know About Sales Tax in South Carolina
Navigate South Carolina’s sales tax system. This guide explains the essential requirements for businesses, from determining taxability to registering and remitting.
Revenue Code 636: Tax Treatment of Mineral Payments
Learn how IRC § 636 governs mineral production payments, recharacterizing them as loans for tax purposes rather than a sale of an economic interest.
What Is the Difference Between an Individual’s Assets and Liabilities?
Gain clarity on your financial position by understanding the relationship between what you own and what you owe. This provides a foundational financial snapshot.
IRS Regulation 1.6081-5: Automatic Filing Extension Rules
Understand the procedural requirements for an automatic 30-day information return filing extension and the specific conditions for further delays.
Accounting for Convertible Instruments
Examine the accounting for convertible instruments, detailing how their dual debt and equity features affect valuation and financial statement reporting.
What Is the Best Cost Basis Method for Mutual Funds?
Your mutual fund cost basis method directly impacts your tax bill. Explore the strategic trade-offs between simplicity and tax-efficient control.
What Is a 1035 Life Insurance Exchange?
Learn how a 1035 exchange lets you replace a life insurance or annuity policy, transferring its accumulated value to a new contract without triggering taxes.
Are Coverdell Contributions Tax Deductible?
Understand the tax framework for a Coverdell ESA. See how non-deductible contributions can lead to tax-free growth and withdrawals for education.
What Does Bad Debt Mean for Accounting and Taxes?
Navigating bad debt involves distinct rules for your financial statements and tax returns. Learn the accounting and tax implications of uncollectible revenue.
How to Calculate Ending Inventory
Learn how the accounting decisions behind your inventory valuation directly influence your company’s reported assets and profitability.
How to Create a 1099 for an Independent Contractor
Navigate the process of issuing Form 1099 to independent contractors. Our guide clarifies your business’s reporting duties for proper tax compliance.
IRS Tax Enforcement: An Overview of the Process
Learn the procedural framework for IRS tax enforcement, from how the agency verifies compliance to the formal mechanisms for taxpayer recourse.
What Is the Penalty for a Below-Minimum IRA Distribution?
An IRA distribution shortfall can be resolved. Learn the financial implications and the specific procedural steps for correcting the error with the IRS.
Who Pays the Most in Federal Taxes in the US?
Explore the distribution of the U.S. federal tax burden. This analysis examines who pays more in total dollars versus as a percentage of their income.
ASC 808: Accounting for Collaborative Arrangements
Gain clarity on financial reporting for collaborative arrangements under ASC 808, focusing on activities with shared risks and commercial rewards.
Are 529 Plans Invested in the Stock Market?
Understand how 529 plans operate as investment accounts, using diversified portfolios to grow funds for future education expenses.
Is Tolerable Misstatement the Same as Performance Materiality?
Understand the nuanced relationship between performance materiality and tolerable misstatement and how auditors apply these concepts from a high level to specific tests.
How to Report Qualified Student Loan Interest Paid
Learn the process for reporting student loan interest on your tax return to lower your adjusted gross income, even if you don’t itemize deductions.