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What is my basis in gifted stock?

The cost basis of stock you received as a gift (“gifted stock”) is determined by the giver’s original cost basis and the fair market value (FMV) of the st...

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Knowledge Base

Latest insights and tutorials from the The Daily Insight team.

Are foreign pensions taxed in Germany?

Pensions and other similar remunerations paid to US citizen/green card holder residing in Germany are taxable in both countries. However – you can elimina...

How many years does an accountant need?

Full-time students typically complete a bachelor’s in accounting in four years, though some programs offer accelerated, three-year degrees. Those already ...

Can I contribute to a traditional IRA if I file married filing separately?

You can’t contribute anything at all if you make $10,000 or more. A different set of rules apply if you’re married filing separately and you don’t live to...

What does employee discretionary mean?

A discretionary bonus is extra pay that a company agrees to provide to an employee for specific or unexpected situations. These cash payments are not part...

Is S Corp capitalized?

Because the Internal Revenue Code does not contain any special rules for capitalization of S corporations, a shareholder’s contribution of stock in exchan...

Is 2 Shareholder life insurance deductible?

Two-percent owners can take a corresponding deduction for the cost of their health insurance premiums on their personal tax return. This benefit is treate...

What does it mean when a question is closed?

A question to which an answer must be selected from a limited set. Questionnaire items with fixed response categories are closed questions, and questions ...

What is a good method for establishing credit?

How to Build Credit Get a secured credit card. Get a credit-builder product or a secured loan. Use a co-signer. Become an authorized user. Get credit for ...

Can a student be considered an independent contractor?

The IRS considers individuals performing services to be employees, absent a reasonable basis for classification as an independent contractor. By default, ...