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Tax Glossary
What Is “Temporary Regulations”?
Temporary regulations are immediately effective tax rules issued by the U.S. Department of the Treasury and the IRS to provide...
Tax Glossary
What Is a “Tax Shelter”?
A tax shelter is any legal strategy, financial arrangement, or investment vehicle used by a taxpayer to minimize, defer, or...
Tax Glossary
What Is a “Tax Court Memorandum Opinion”?
A Tax Court memorandum opinion is a type of written decision issued by a judge of the United States Tax...
Tax Glossary
What Is a “Tax Court Case”?
A Tax Court case is a formal legal proceeding in which a taxpayer sues the Commissioner of Internal Revenue in...
Tax Glossary
What Is “Substantial Authority”?
Substantial authority is a legal standard used by the IRS to determine whether a taxpayer has sufficient objective backing to...
Tax Glossary
What Is “Substance over form”?
Substance over form is a fundamental legal doctrine that allows the IRS and federal courts to evaluate a financial transaction...
Tax Glossary
What Is “Step Transaction Doctrine”?
The step transaction doctrine is a judicial rule that allows the IRS and federal courts to combine a series of...
Tax Glossary
What Is “Soil and Water Conservation Expense”?
A soil and water conservation expense is a tax-deductible cost incurred by farmers to protect, preserve, or improve their agricultural...
Tax Glossary
What Is the “Servicemembers Civil Relief Act”?
The Servicemembers Civil Relief Act (SCRA) is a powerful federal law designed to provide legal and financial protections to active-duty...
Tax Glossary
What Is “Self-employment tax for clergy”?
Self-employment tax for clergy refers to the Social Security and Medicare taxes that ordained, licensed, or commissioned ministers must pay...