What Are the Foreign Grantor Trust Rules?
Explore the framework determining when a U.S. person is the owner of a foreign trust for tax purposes and the specific compliance responsibilities that follow.
Investment and Financial Markets
ASU 2017-12: Targeted Improvements to Hedge Accounting
Learn how ASU 2017-12 streamlines hedge accounting, better aligning financial reporting with a company’s actual risk management activities.
Is a 401(k) an Employer-Sponsored Retirement Plan?
Understand how a 401(k) is an employer-sponsored plan, from the foundational framework an employer provides to the personal choices an employee makes.
K-1 vs. W-2: Key Tax and Income Differences
Explore the distinct tax responsibilities and reporting methods tied to receiving wages versus earning a share of a business’s profits or losses.
Can You File a Tax Extension Online?
A tax extension provides more time to file, not pay. Understand the distinction and the requirements for submitting your request electronically to the IRS.
Can You Have More Than One EIN Number?
A business’s legal structure dictates its federal tax ID requirements. Learn how changes to your entity affect whether you need an additional EIN.
How to File a Form 1040 Amended Return
Understand the complete process for amending a federal tax return. Learn when a correction is necessary and what to expect after you file Form 1040-X.
ASC 845: Accounting for Nonmonetary Transactions
Explore ASC 845 guidance for nonmonetary transactions. Learn how an exchange’s impact on future cash flows determines its proper accounting and asset valuation.
Can You Convert a Beneficiary IRA to a Roth IRA?
The path for converting an inherited IRA to a Roth is defined by your beneficiary status, with different tax implications for a spouse versus a non-spouse.
The Transfer of Tax Credits Under IRC Section 6418
Navigate the transfer of clean energy credits under IRC §6418. This guide covers the complete procedural framework and tax consequences for buyers and sellers.
How to Report Taxes on International Gambling Winnings
Properly reporting foreign gambling winnings requires navigating U.S. tax law, foreign tax systems, and separate financial disclosure obligations.
How to Report a QSBS Sale Using Form 8949 Code Q
Navigate the tax reporting for a QSBS sale. This guide clarifies the correct use of Form 8949 Code Q to properly account for the Section 1202 gain exclusion.
Section 173 Tax Code: What Are the Current Rules?
The tax treatment for publishers’ circulation costs has shifted from an immediate deduction to a required multi-year amortization. Learn the current rules.
Why Has My Tax Code Changed and What Should I Do?
A change to your tax code can be confusing. This guide clarifies what your code means and provides the necessary steps to ensure you are paying the right tax.
Washington State Taxes for a Sole Proprietorship
Clarify the tax compliance journey for a Washington sole proprietor. This guide covers the essential steps for state registration, reporting, and payment.
Decommissioning Cost: Accounting and Tax Treatment
Gain clarity on the financial reporting requirements for future asset removal costs and how they differ from their treatment for tax purposes.
Montana Form 2 Tax Return Instructions
Gain clarity on Montana’s state income tax process. This resource provides a comprehensive overview for correctly completing and filing your Form 2 return.
Can I Deduct Mileage as a W2 Employee?
Recent tax law changes suspended mileage deductions for most W2 employees. Learn the nuances of state-level rules and employer reimbursement alternatives.
What Is the Colorado Springs Income Tax Rate?
Understand your tax obligations as a Colorado Springs resident. Learn about the state’s flat tax and how it fits into your complete federal and local tax profile.
What Is the Status of the Extension of Bonus Depreciation?
The 100% bonus depreciation deduction is phasing out. Learn about the current law, proposed legislative changes, and the impact on your business tax strategy.