A husband and wife owning an LLC in a community property state can be considered one owner, or in the case of an LLC, one member and therefore become a di...

For instance, if your financial year is from 1 April 2020 to 31 March 2021, then it is known as FY 2020-21. The assessment year for the money earned durin...

The profits that an S corp. earns are called retained earnings – the profits made by the business that are retained and not distributed to the shareholder...

If your solo 401(k) has more than $250,000 in it, you have to file an annual form with the IRS. If you’re unincorporated, you’ll use your EIN for the 401(...

Ordinary business income includes any earnings your company makes through daily operations. Profit from selling a product or providing a service is ordina...

The list of questions below leads to pages that answer the most common questions I get from CPA firm clients and from website visitors. Therefore, if you ...

Furthermore, if we review the definition of passive income in IRC Section 469, pension income does not fall in the passive income category. What is a good...

If you have moving expenses that are greater than the amount of reimbursement shown in box 12 of Form 1040, or your reimbursement was reported as wages in...

Most taxpayers no longer have the option to carryback a net operating loss (NOL). For most taxpayers, NOLs arising in tax years ending after 2017 can only...

There are no longer any special state pension arrangements for married couples. These credits will build up qualifying years for the state pension. Altern...