What Is an Asset Tax and What Are Its Main Forms?
Gain a clear overview of how assets are taxed. This guide distinguishes between levies on ongoing ownership, profitable transactions, and wealth transfers.
Investment and Financial Markets
Revenue Ruling 63-26: Ordinary Income or Capital Gain?
Unpack Revenue Ruling 63-26, which defines the tax character of contract cancellation payments based on what the payment fundamentally represents.
What the Anti-Injunction Act Means for Your Tax Dispute
The Anti-Injunction Act sets the procedural framework for tax disputes. Learn how this law determines the proper legal channels for challenging the IRS.
What Are Substantiated Employee Business Expense Reimbursements?
Gain insight into the rules that define how employee business expenses are reimbursed tax-free and the key record-keeping needed for compliance.
What Does Reclass Mean in Accounting?
Learn how reclassification adjusts financial data by moving a value to its proper account, a key process for ensuring accurate and useful reporting.
What Is a Tax? A Look at Its Purpose and Types
Discover the essential framework of taxation, including its role in funding government services and the principles guiding how it is collected.
What Is 100 Percent Bonus Depreciation?
Bonus depreciation is an evolving tax deduction for business assets. Understand the critical factors, from asset qualification to the differences in federal and state tax law.
401(k) vs. IRA: A Roth and Traditional Comparison
Clarify the key differences between employer-sponsored and individual retirement plans and learn how their distinct tax structures inform an effective savings strategy.
What Is Unamortized Cost and How Is It Calculated?
Unamortized cost represents the remaining economic benefit of an intangible asset, linking its initial cost to its systematic allocation over time.
Is the TSP a 457 Plan? Key Differences to Know
Discover the core differences between TSP and 457 plans. Understanding their separate frameworks is key to optimizing your public sector retirement strategy.
Can You Use Your HSA for Dental Expenses?
Apply your HSA funds toward dental expenses by understanding the difference between eligible medical treatments and non-qualified cosmetic procedures.
What Is Form 8038-T and How to File It?
Understand Form 8038-T, a key compliance tool for tax-exempt bond issuers. This guide clarifies the financial obligations and filing process with the IRS.
Rev. Proc. 2015-20: Simplified Accounting Method Changes
Learn how Rev. Proc. 2015-20 offers a simplified process for eligible small businesses to correct an accounting method without filing Form 3115.
Do I Need to Report Gifts From a Foreign Person?
While gifts from a foreign person are generally not taxed, U.S. recipients must navigate specific IRS disclosure rules to avoid substantial financial consequences.
Using Rev Proc 2007 16 for Late S Corp Elections
Understand the IRS relief process for a late S corp election. This guide provides a framework for meeting the specific requirements of Rev. Proc. 2007-16.
What Are Examples of Non-Taxable Income?
Not all money you receive is considered taxable income by the IRS. Learn how these important distinctions can affect your tax return and financial planning.
What Is IRS Section 72(m)(7) and How Does It Work?
Learn how the taxable cost of life insurance in a self-employed retirement plan can be recovered later to reduce the tax impact of future withdrawals.
Consideration of Fraud in a Financial Statement Audit
Delve into the auditor’s role in addressing fraud, focusing on the required professional skepticism and the methodical process for providing reasonable assurance.
Year End Tax Moves to Make Before the Deadline
Review your complete financial picture to make strategic adjustments before the deadline. Learn how timely decisions can optimize your annual tax outcome.
After-Tax Contributions to 401k: How They Work
Understand how after-tax 401(k) contributions work to increase retirement savings beyond typical limits and the strategic tax considerations involved.