Tax Resources for Accountants and Small Businesses (U.S.)
Abstract Adjusted Current Earnings (ACE) is an IRS-defined income measure formerly used in the calculation of the Corporate Alternative Minimum Tax (AMT). Although the AMT was repealed for most corporations after 2017, ACE remains...
Codes for the Principal Business or Professional Activity classify sole proprietorships by the type of activity they are engaged in to facilitate the administration of the Internal Revenue Code. These six-digit codes are based...
A Cafeteria Plan, also known as a Section 125 plan, is an employer-sponsored benefit arrangement that allows employees to choose between taxable wages and certain qualified, tax-free benefits. These plans are regulated under Internal...
This checklist is based exclusively on IRS authority (Section 125, IRS regulations, and IRS publications) and includes relevant internal resources from AccountingPortal.com. 1. Determine Eligibility and Plan Purpose Confirm that a cafeteria plan must...
Small private companies in the United States are not legally required to follow U.S. GAAP unless it is imposed by lenders, investors, or contractual agreements. However, many companies choose to prepare structured financial statements...
The gig economy – also called the sharing or on-demand economy – includes income earned from digital platforms and apps such as ridesharing, delivery services, freelance marketplaces, home rentals, or project-based work. According to...
Small private companies in the United States are not required to file Exchange Act reports such as Forms 10-K and 10-Q with the U.S. Securities and Exchange Commission (SEC). Those forms apply to public...
Small private companies in the United States are not required to file periodic reports with the U.S. Securities and Exchange Commission (SEC). However, owners, lenders and other stakeholders still expect reliable, decision-useful financial statements....
China remains one of the United States’ largest trading partners, and for many companies, Chinese suppliers are a critical part of global production and sourcing strategies. However, importing goods from China requires careful attention...
Form W-9 is an Internal Revenue Service (IRS) document used by U.S. persons to provide their Taxpayer Identification Number (TIN) to a requester. Businesses use this form to report payments such as nonemployee compensation,...
The year 2025 has introduced significant developments in United States tariff policy, particularly regarding steel, aluminum, and a wide range of derivative products subject to national security review. These changes, implemented under Section 232...
The Chapter 7 means test determines whether an individual debtor qualifies for relief under Chapter 7 of the Bankruptcy Code. The test is required by 11 U.S.C. §707(b)(2) and uses formulas based on household...
Individuals who file for bankruptcy under Chapter 7 must complete a set of Official Bankruptcy Forms created by the Judicial Conference of the United States. These forms provide detailed information about income, expenses, assets,...
Below is a guide to the official bankruptcy forms used in the U.S. bankruptcy system. These forms are issued by the United States Courts and are required when filing under different chapters of the...
The California Child Support Calculator on this page summarizes how the official California Guideline Child Support Calculator works and what information you need before using it. California law requires courts to follow a statewide...
Using California’s official child support calculator is fairly straightforward once you know what information it expects. This short manual walks you through the process so you can prepare everything ahead of time and understand...
IRS Standard Mileage Rates by Year Year Business Medical / Moving Charitable 2025 70¢ 21¢ 14¢ 2024 67¢ 21¢ 14¢ 2023 65.5¢ 22¢ 14¢ 2022 58.5–62.5¢ 18–22¢ 14¢ 2021 56¢ 16¢ 14¢
What Is an Overtime Reset? An overtime reset refers to the point when the calculation of overtime hours starts over. Under the Fair Labor Standards Act (FLSA), overtime pay is based on a “workweek”...
UCOA – the Unified Chart of Accounts for nonprofit organizations, is designed so that nonprofits can can quickly and reliably translate their financial statements into the categories required by the IRS Form 990, the...
What Is a First B Notice? When you file Form 1099s and the Internal Revenue Service (IRS) identifies a vendor’s or payee’s name and Taxpayer Identification Number (TIN) combination as mismatched, you may receive...
What Is Adjusted Gross Income (AGI)? Adjusted Gross Income (AGI) is an IRS-defined measure of income calculated as gross income from all taxable sources minus specific adjustments allowed under the Internal Revenue Code. AGI...