Investing in rental property can be a lucrative venture, offering steady income and potential long-term appreciation. However, navigating the tax implications can be challenging. The IRS has specific rules that landlords must follow, from reporting income to claiming deductions. Understanding these
Luca Pacioli and the Enduring Legacy of Double-Entry Accounting
While accounting is often viewed as a practical business tool, its origins are steeped in history and intellectual innovation. To understand the roots of modern accounting, we turn to Luca Pacioli, the "Father of Accounting," whose revolutionary work in the late 15th century still resonates
Pros and Cons of Internet Sales Tax
I know what you're thinking, "how can there be a 'pro' to a tax?" But that's exactly why the nuances of the internet sales tax might surprise you. Since it’s a state-level tax (not a federal one), there are regional differences and even potential tax trade-offs in other areas. Let’s explore some of
The Physical Presence Standard: Quill Corp v. North Dakota
Before the explosion of e-commerce, businesses relied on clear, straightforward rules for collecting state sales tax. One of the most significant cases to establish such a rule was Quill Corp v. North Dakota (1992). This decision cemented the "physical presence" standard for state tax collection,
Transforming the Dental Industry: Trends, Growth, and Challenges
The dental industry is undergoing a significant transformation, shaped by emerging technologies, shifting demographics, and persistent challenges. A recent study by Frazier & Deeter sheds light on these changes, highlighting the adoption of innovative tools, the rapid growth of the market, and
The Sixteenth Amendment and the Landmark Case of Kornfeld v. Commissioner
The Sixteenth Amendment, ratified in 1913, fundamentally changed the U.S. tax system by granting Congress the authority to levy income taxes directly. It states: “Congress shall have the power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the
Let’s Talk Online Sales Tax: South Dakota v Wayfair
The way we shop has transformed dramatically in the digital age, but until recently, the laws governing online sales tax lagged behind. Enter South Dakota v. Wayfair, Inc. (2018), a groundbreaking case that redefined the landscape of e-commerce taxation in the United States. This decision overturned
Hadley v Baxendale: The Case of Unforeseen Damages
Despite the United States striving to differentiate itself from British traditions, echoes of the British legal system resonate strongly in our own. One prime example is the seminal case of Hadley v Baxendale (1854), an English contract law case that established the principle of foreseeability in