Hello World
Tax Glossary
What Is “FATCA”?
FATCA stands for the Foreign Account Tax Compliance Act, a federal law designed to combat tax evasion by U.S. citizens...
Tax Glossary
What Is the “Farm Optional Method”?
The farm optional method is a specialized, elective accounting calculation permitted by the Internal Revenue Service (IRS) that allows eligible...
Tax Glossary
What Is “Farm Income”?
Farm income is the specialized legal classification utilized by the Internal Revenue Service (IRS) to define all revenues generated from...
Tax Glossary
What Is “Fair Market Value at Death”?
Fair market value at death is the price an asset would naturally sell for on the open market on the...
Tax Glossary
What Is an “Excess Benefit Transaction”?
An excess benefit transaction is an IRS term for an improper economic deal where an influential insider receives greater financial...
Tax Glossary
What Is “Ethereum Tax”?
“Ethereum tax” refers to the application of U.S. federal and state tax laws to your transactions involving the cryptocurrency Ether...
Tax Glossary
What Is Estate Tax Exemption?
The estate tax exemption is a statutory threshold established by the federal government that allows a specific dollar amount of...
Tax Glossary
What Is “Estate Tax”?
The estate tax is a financial levy imposed by the federal government on the transfer of an individual’s property and...
Tax Glossary
What Is “Estate income tax return”?
An estate income tax return is a specific federal tax filing required for a deceased person’s estate when it generates...
Tax Glossary
What Is “Employer-Sponsored Coverage”?
Employer-sponsored coverage is a health insurance program provided by an employer to its workforce, often referred to as a group...