How to File an Extension for Form 8804
Learn the correct process for extending Form 8804. This guide covers the crucial tax payment obligations for partnerships with foreign partners.
Investment and Financial Markets
What Was EITF 94-3 and What Replaced It?
Examine the historical guidance of EITF 94-3 and its supersession, which refined how and when companies recognize liabilities for restructuring activities.
What Is a 79/15 Plan and Why Is It a Listed Transaction?
Understand the tax implications of a 79/15 plan, a strategy now classified by the IRS as a listed transaction with specific reporting obligations.
What Is Considered a Good Acid-Test Ratio?
Assess a company’s short-term financial health with the acid-test ratio. A good result depends less on the general 1.0 rule and more on industry context.
The Sales Tax Preparation Process for Businesses
Simplify your sales tax compliance. This guide breaks down the entire preparation and filing process into a clear, manageable workflow for your business.
What Is Form 8858 for Foreign Disregarded Entities?
Understand the reporting obligations and compliance process for Form 8858, the IRS return for U.S. persons with foreign disregarded entities or branches.
Mixed Use Property: Tax Rules for Owners
Navigate the tax implications of owning a property that serves as both a home and a business, from annual financial obligations to its eventual sale.
How to Check Your Income Tax Return Status
Your tax return follows a clear path after you file. Learn how to monitor its journey through the system and understand what each status update means.
Who Is Considered Part of Your Household?
Understand how your household is defined for official purposes. The answer goes beyond who lives with you and depends on specific financial and dependency rules.
Rev. Rul. 82-52: Tax Treatment of Option Payments
For property option grantors, the tax treatment of the initial payment is deferred. Its character as capital gain or ordinary income depends on future events.
What Is Utility Recapture and How Does It Work?
Learn how landlords of master-metered properties can fairly distribute utility expenses from a single property bill to individual residents.
What Advertising Expenses Are Tax Deductible?
Understand the framework for distinguishing deductible business promotions from other costs to ensure accurate tax reporting and compliance with IRS guidelines.
SECURE Act 2.0: Key Changes to QLAC Rules
Recent legislative changes offer retirees more flexible and straightforward options for converting retirement savings into a guaranteed income stream for later life.
Calculating Your Car Depreciation Schedule
Deducting your business vehicle’s cost involves a specific calculation method. Learn how to determine your annual tax deduction within IRS guidelines.
How to File Form 2848 for a Deceased Taxpayer
Granting IRS power of attorney for a deceased person requires the estate’s fiduciary to follow specific procedures for establishing their legal authority.
What Is HLBV Accounting for Partnership Allocations?
Understand a partnership allocation method that moves beyond fixed percentages to reflect the true economic outcomes defined in an agreement.
How to Calculate Stock Option Cost Basis
The cost basis for employee stock options is often misreported on tax forms. Learn the correct calculation to ensure you report accurate capital gains and pay the right tax.
How to Apply for a Homestead Exemption in Massachusetts
Understand how to formally increase the legal protection on your Massachusetts home’s equity, a key step in providing financial security for homeowners.
Benefits of a 1099 for Contractors and Companies
A 1099 arrangement offers workers greater professional control and financial autonomy, while providing businesses with operational flexibility and administrative relief.
Massachusetts W-2 Box 14 Codes Explained
Decode the informational items in Box 14 of your Massachusetts W-2. Learn what these amounts represent and how they affect your state and federal tax filing.