Cannabis Tax Law: 280E, COGS, and Audit Risk
Learn how cannabis tax law applies to state-legal operators, from federal deduction limits and inventory accounting to state taxes and compliance risk.
Received a 1042-S as a Resident Alien: Reporting, Withholding, Refunds
Learn how to handle receiving a 1042-S as a resident alien, from correcting payer records and reporting on Form 1040 to treaty issues and refund deadlines.
Do You Pay Taxes on an Owner’s Draw? Income, SE Tax, and Estimates
Learn how taxes on an owner's draw actually work, from what the IRS taxes and quarterly obligations to the special rules for different business structures.
Impairment-Related Work Expenses: What Qualifies and How to Claim
Learn how impairment-related work expenses are treated, from examples of qualifying costs to claiming the deduction and effects on Social Security benefits.
Are Prescription Eyeglasses Tax Deductible or HSA-Eligible?
Learn how prescription eyeglasses fit into the medical expense deduction, from qualifying vision costs and family purchases to how HSAs and FSAs compare.
Why Is Federal Interest Withheld From Your Bank Account?
Learn how federal interest withheld from a bank account works, from why the IRS triggers backup withholding to stopping it and reclaiming the money.
What Is a Foreign Tax Identifying Number in Canada?
Learn how a foreign tax identification number works in Canada, from why banks request it to reporting foreign property and the penalties involved.
Tax Benefits of Hiring Family Members: Payroll Savings by Relationship
Learn how the tax benefits of hiring family members work, from payroll savings by relationship and business type to income shifting and benefit strategies.
Pension Curtailment Accounting: Recognition, Measurement, and Reporting
Learn how pension curtailment accounting works under ASC 715, from spotting the trigger and measuring the effect to where it lands on the financials.
Inventory at the Beginning of the Year for Tax Returns
Learn how beginning inventory for tax returns works, from its role in cost of goods sold and valuation choices to common pitfalls that shift the number.