How to Choose a Corporation Classification
Learn how your business’s federal tax classification is distinct from its legal formation and how to navigate the election process for optimal tax treatment.
Investment and Financial Markets
Revenue Ruling 59-60: Valuing a Closely Held Business
Explore the foundational framework for valuing a private business, a process blending quantitative analysis with qualitative judgment for tax reporting purposes.
How Does Insurance Accrual Work in Accounting?
Discover how accrual accounting allocates an insurance policy’s cost over its term, ensuring expenses are accurately reflected in each financial period.
What Are the Consequences of Underreporting Income?
An accurate tax return is a legal requirement. Explore the system for how income is verified and the established procedures for resolving any discrepancies.
What Is the GST Tax Exemption Under IRC 2601?
Learn how grandfathered trusts maintain their valuable GST tax exemption under IRC 2601 and the boundaries for permissible trust administration.
IRC 2631: Generation-Skipping Transfer Tax Exemption
Explore the mechanics of the generation-skipping transfer tax exemption, including the strategic considerations and procedures for its proper allocation.
Can an Employer Deny a 401(k) Withdrawal?
Accessing your 401(k) funds depends on the plan’s official rules, not an employer’s choice. Learn the reasons a withdrawal request can be lawfully denied.
The IRS OVDP Is Closed: An Overview of Current Options
The OVDP is closed, but pathways to tax compliance for foreign accounts remain. Learn how a taxpayer’s intent shapes the available options and outcomes.
Does Kentucky Tax Military Retirement?
Understand how Kentucky’s pension income exclusion applies to military retirement and survivor benefits, potentially reducing your overall state tax liability.
When Does a Joint Venture Need an EIN?
For tax purposes, the IRS views joint ventures differently. Understand the criteria that determine if your business arrangement requires its own EIN.
What Is the Marginal Federal Income Tax Rate?
Learn how your income is taxed in layers, not at one single rate. This guide explains the mechanics of the U.S. tax system and your true tax liability.
How Does the Iowa Federal Tax Deduction Work?
Understand the mechanics of Iowa’s deduction for federal taxes paid. This guide clarifies the process for accurately applying this unique state tax benefit.
How Does Variable Annuity Taxation Work?
Gain clarity on the unique tax principles for variable annuities, from how they grow to how different types of distributions are taxed.
Filing IRS.gov Form 13844 for a Reduced User Fee
Learn about the specific IRS provision that allows low-income taxpayers to lower the setup cost associated with an installment agreement payment plan.
What Are the IRS Common-Law Marriage Rules?
Learn how state law defines your marriage for federal tax purposes and the lasting impact this has on your filing obligations, even if circumstances change.
HOA Capital Improvements: A Homeowner’s Overview
Understand the lifecycle of an HOA capital improvement, from how projects are funded to the impact special assessments have on your home’s future tax basis.
ASC 605-50: Accounting for Customer Payments & Incentives
Understand the nuanced guidance of ASC 605-50 to correctly classify customer payments as a price concession or a distinct, separable business expense.
How Are Proceeds From Sale of Stock Rights Taxed?
The tax on selling stock rights is tied to your original shares. Understand how their value and a key allocation choice determine your reportable outcome.
Maine Withholding Requirements for Employers
Understand the complete process for managing Maine employee income tax withholding to ensure accurate and timely compliance with state law.
What Are Investment Taxes and How Do They Work?
A clear guide to the tax rules affecting your investment portfolio. Learn how different account structures and holding periods impact what you owe the IRS.