What Is a Financial Position Statement?
Learn how the statement of financial position, or balance sheet, provides a snapshot of fiscal health by balancing what a company owns against what it owes.
Investment and Financial Markets
What Is a Change in Entity Classification?
Understand the strategic process of changing your entity’s federal tax classification, a choice that operates independently of its legal structure.
Is Alimony Taxable in New York State?
For New York residents, the tax implications of spousal maintenance are determined by the date of the legal agreement. Learn how this affects your filing.
Can Gambling Losses Be Carried Forward?
Learn the IRS rules for gambling losses. Whether a net loss can be carried forward to future tax years depends on your specific taxpayer classification.
How to Calculate Line 11 on Form 8995
This focused guide provides a clear walkthrough for calculating Line 11 on Form 8995, translating your business’s financial data into the correct tax figure.
When Is a Discharge of Indebtedness Not Included in Gross Income?
Explore the specific financial conditions that allow discharged debt to be excluded from gross income and the necessary steps for proper tax reporting.
What Is a Qualified Roth 401(k) Distribution?
Taking a tax-free distribution from your Roth 401(k) requires meeting specific IRS rules for timing and eligibility. Learn how these conditions are applied.
What Are the Qualified Opportunity Zone Tax Benefits?
Defer tax on capital gains by investing in a Qualified Opportunity Fund. Understand the rules and long-term requirements to achieve tax-free growth on your investment.
Are Estate Administration Expenses Deductible on Form 1041?
Learn the strategic considerations for deducting an estate’s administrative costs to ensure tax compliance and optimize the estate’s financial outcome.
Are Bank Service Charges Tax Deductible?
Understand the criteria for deducting bank fees, which hinge on an account’s purpose and recent changes to tax law affecting personal expenses.
What Is the Basic Exclusion Amount and How Does It Work?
Understand the key federal tax rule governing tax-free wealth transfers. Learn how this lifetime credit is applied to gifts, estates, and spousal planning.
Does a Deposit Go Towards the Final Payment?
A deposit’s purpose dictates its role in a financial transaction. Learn how to determine if your initial payment will reduce your final bill or be returned.
Wage Continuation Plan: Tax Rules and Requirements
Understand the formal structure and tax implications of a wage continuation plan for compliant administration and accurate payroll reporting.
Is Income Taxes Payable a Current Liability?
Learn how the timing of a tax obligation determines its classification as a current liability and its important effect on a company’s financial health.
Section 865: Source Rules for Personal Property Sales
Explore the tax sourcing of gains on personal property under Sec. 865. The rules diverge from the seller’s residence based on the specific character of the asset.
Section 875: Tax Rules for Foreign Partners & Beneficiaries
Understand how the business activities of a U.S. partnership or trust directly create U.S. tax and filing obligations for its foreign owners.
Creating a Foundation for Tax Purposes
An overview of the legal and financial mechanics involved in establishing a private foundation for structured charitable giving and effective tax planning.
What Is the Built-in Gains Tax for S Corporations?
Explore the tax implications for a business transitioning from a C corp to an S corp, specifically how gains on prior assets are treated.
Do You Pay Tax on Court Settlements?
The tax treatment of a legal settlement depends on the purpose of the funds. Learn the principles that determine which parts of your award are taxable.
Can You Withdraw From an HSA After 65?
At age 65, your Health Savings Account evolves into a more flexible retirement tool. Learn the key tax distinctions for using your funds in retirement.