news
When do shareholders elect to close the books?
Under this special rule, if a shareholder disposes of his or her entire interest during a year, or disposes of more than 20% of his or her ownership inter...
Aug 16, 2026 1 views
Browsing Resource
News
Expert insights and detailed technical documentation about News.
news
How long do I have to resubmit my rejected state return?
If the return is rejected on the deadline, you have the number calendar/business days (listed below) from the due date of the return to e-file the correct...
Aug 16, 2026 1 views
news
How long is F-1 valid after graduation?
60 days On your F-1 visa, you can only stay in the United States for 60 days after your graduation date, so it’s in your best interests to start planning ...
Aug 16, 2026 1 views
news
How are early withdrawals from an IRA taxed?
Key Takeaways 1 Early IRA withdrawals are taxed at normal income rates with a 10% penalty tax added. 2 You will have to decide whether to settle your tax ...
Aug 16, 2026 1 views
news
Is Social Security tax withheld refundable?
Generally speaking, Social Security tax is withheld at a flat rate up to a maximum level of employment income and isn’t subject to deductions or credits, ...
Aug 16, 2026 1 views
news
Do I need to fill form 8233?
IRS Form 8233 must be completed when a non U.S. citizen is claiming tax treaty exemption from income taxes for “service” income. Service income includes i...
Aug 16, 2026 1 views
news
What are the rules for opening an HSA?
Open an HSA You must be covered under a qualifying high-deductible health plan (HDHP) on the first day of the month. You have no other health coverage exc...
Aug 16, 2026 1 views
news
What is one advantage of a partnership?
One of the advantages of having a business partner is sharing the labor. Having a partner can not only make you more productive, but it may afford you the...
Aug 16, 2026 1 views
news
Are charitable donations tax deductible for partnerships?
Sole proprietors, partners in a partnership, or shareholders in an S-corporation may be able to deduct charitable contributions made by their business on ...
Aug 16, 2026 1 views
news
What does deferred principal mean on a mortgage statement?
Definition. A portion of the principal debt amount owed on a loan that is allowed to be repaid at a later date. Typically this amount is deferred due to t...
Aug 16, 2026 1 views
news
How does a 1031 exchange work with rental properties?
The intermediary holds the funds after one property is sold in the 1031 exchange and uses that money to buy the new replacement property. When doing a 103...
Aug 16, 2026 1 views
news
What are the tax consequences of a s Corp distribution?
Section 1368 notes the distribution by an S corporation of property or cash may result in three distinct tax consequences to the shareholder receiving the...
Aug 16, 2026 1 views
