Can a Trust Make Gifts to Beneficiaries: Rules, Taxes, and Limits
Learn how a trust can make gifts to beneficiaries, from what the trust document allows and how taxes work to benefit and creditor considerations.
Head of Household With 2 Dependents: Tests, Benefits, and Records
Learn how head of household with 2 dependents works, from the eligibility tests and qualifying person rules to the benefits, records, and filing risks.
What Is the Tax Rate on 401(k) Withdrawals After Age 65?
Learn how the tax rate on 401(k) withdrawals after age 65 works, from income tax basics to Social Security, Medicare, and required distributions.
Accounting for Joint Ventures Under US GAAP and IFRS
Learn how accounting for joint ventures under US GAAP works, from equity method mechanics and formation through impairment, disclosure, and tax reporting.
What Is a Payment Ledger? Entries, Reconciliation, and IRS Rules
Learn how a payment ledger fits into your accounting system, from recording transactions and reconciling to the bank to following IRS recordkeeping rules.
What Does 1099-R Distribution Code 7D Mean? Taxes and NIIT
Learn how 1099-R distribution code 7D is taxed, from earnings on nonqualified annuities and life insurance to net investment income tax and reporting.
Capital Improvement Definition: Examples, Basis, and Safe Harbors
Learn how the capital improvement definition works in property tax, from IRS tests and the repair distinction to basis, depreciation, and safe harbors.
Fillable IRS Form 1024: Pay.gov Filing and 27-Month Deadline
Learn how organizations use IRS Form 1024 to apply for tax-exempt status, from preparing the application through keeping the exemption after approval.
What Type of Account Is COGS in Accounting?
Learn what type of account COGS is in accounting, from its classification and recording to how inventory connects and how it's handled at tax time.
Prudential Rollover: Empower Transition, Forms, and Deadlines
Learn how a Prudential rollover works under Empower's administration, from choosing a transfer method through completing the paperwork and handling tax reporting.