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Tax Glossary
What Is “Form 1099-DA”?
Form 1099-DA is a specialized IRS information return used by digital asset brokers—including centralized cryptocurrency exchanges, hosted wallet providers, and...
Tax Glossary
What Is “Form 1042-S”?
Form 1042-S is an IRS tax form used to report U.S.-sourced income paid to foreign individuals, foreign businesses, or non-resident...
Tax Glossary
What Is “Form 1041”?
IRS Form 1041, officially titled the “U.S. Income Tax Return for Estates and Trusts,” is a federal tax return used...
Tax Glossary
What Is “Form 1024”?
Form 1024 is an official application used by certain non-profit organizations to request formal recognition of tax-exempt status from the...
Tax Glossary
What Is “Form 1023-EZ”?
Form 1023-EZ is a streamlined, shorter version of the IRS application used by small organizations to apply for 501(c)(3) tax-exempt...
Tax Glossary
What Is “Form 1023”?
IRS Form 1023, officially titled the “Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code,” is...
Tax Glossary
What Is Foreign-Derived Intangible Income (FDII)?
Foreign-Derived Intangible Income (FDII) is a U.S. tax incentive designed to encourage domestic corporations to keep their operations, jobs, and...
Tax Glossary
What Is a “Foreign trust”?
A foreign trust is any legal trust arrangement that fails to meet either the IRS’s “court test” or “control test”...
Tax Glossary
What Is a Foreign Inheritance?
A foreign inheritance is cash, property, real estate, or other assets received by a U.S. citizen or resident alien from...
Tax Glossary
What Is a Foreign Gift?
A foreign gift is money, property, or any valuable asset given to a U.S. citizen or resident alien by a...