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Do you have to step down basis at death?

Thus, in situations where the value of an asset has declined since a decedent’s original purchase, a beneficiary will generally have to step down the basi...

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Knowledge Base

Latest insights and tutorials from the The Daily Insight team.

How long must records of CPE be retained?

The AICPA recommends that the best practice is to keep records for at least five years after the educational development program is completed. Examples of...

Can a stillborn child be claimed as a dependent?

You are allowed one exemption for each person you can claim as a dependent. According to the IRS Frequently Asked Questions, you are not allowed a depende...

Is a gift legally binding?

It is a unilateral promise without consideration. California Civil Code Section 1146 defines a gift as follows: “A gift is a transfer of personal property...

Is it OK to have a dead end job?

Unless you already have your absolute dream job, you’re probably working towards some sort of higher goal in your career—a more senior position, additiona...

How long does EIN number take to process?

four weeks The processing timeframe for an EIN application received by mail is four weeks. Ensure that the Form SS-4 PDF contains all of the required info...

Should I pay pre-tax or post-tax?

Medical insurance premiums are deducted from your pre-tax pay. This means that you are paying for your medical insurance before any of the federal, state,...

Do you have to contribute to a solo 401k every year?

While one of the benefits available under a retirement plan such as a solo 401k plan is the ability to make annual contributions even if you are over age ...

Why are there no basements in Richmond BC?

Due to the dangers of flooding, most houses in Richmond don’t have a basement, and because of its close proximity to the airport, buildings cannot exceed ...

Do I get a tax break if I bought a new car?

You can deduct sales tax on a vehicle purchase, but only the state and local sales tax. You’ll only want to deduct sales tax if you paid more in state and...