Is a SIPP Subject to Inheritance Tax? The 2027 Rule Change
Learn how a SIPP is treated for inheritance tax, from why it currently sits outside your estate to the pitfalls, reforms, and tax your heirs may owe.
Scrap Inventory: Accounting, Tax, and Audit Rules
Learn how scrap inventory accounting works, from classifying leftover materials to recording sales proceeds and handling tax and audit considerations.
Can I Claim My Parent as a Dependent on My Taxes?
Learn how claiming a parent as a dependent works on your federal taxes, from eligibility tests and support rules to the tax benefits and filing steps.
Backdoor Roth IRA Withdrawal Rules: 5-Year Clocks and Penalties
Learn how backdoor Roth IRA withdrawal rules work, from the IRS ordering of dollars and two 5-year clocks to penalties, inheritance, and tax reporting.
Is a Capital Loss Tax Deductible? Netting, Limits, and Carryovers
Learn how capital losses are tax deductible, from netting gains and losses to annual limits, carryovers, and the situations the IRS won't allow.
529 Plan 12-Month Rule: Timing, 60-Day Refunds, and Reporting
Learn how the 529 plan 12-month rule actually works, from what the statute covers to matching withdrawals with expenses and reporting distributions correctly.
Inventory Obsolescence Reserve: Accounting, Tax, and IFRS Treatment
Learn how an inventory obsolescence reserve works under U.S. GAAP, from spotting impaired stock and sizing the write-down to tax, IFRS, and audit issues.
Is Margin Interest Deductible Against Capital Gains?
Learn how margin interest deductions work against capital gains, from which gains and dividends qualify to the income limits and elections involved.
What Is a Forfeiture Account in a 401(k) Plan?
Learn how a forfeiture account in a 401(k) plan works, from what fills it and how employers may use the funds to rehire rules and correcting missteps.
Short Futures Contract: How It Works, Margin, and Taxes
Learn how a short futures contract works, from opening and margining the trade through managing risk, settlement at expiration, and how gains are taxed.