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Tax Glossary
What Is “ U.S. person ”?
A “U.S. person” is a broad legal and tax classification used by the Internal Revenue Service (IRS) to identify individuals...
Tax Glossary
What Is “ U.S. citizen ”?
A U.S. citizen is an individual who is legally recognized as a member of the United States, either by birth...
Tax Glossary
What Is “Treaty tie-breaker rule”?
The treaty tie-breaker rule is a specific provision found in international tax treaties used to determine a single country of...
Tax Glossary
What Is a Traditional IRA?
A Traditional IRA is an individual, tax-advantaged account that allows you to save money for retirement using pre-tax dollars, which...
Tax Glossary
What Is “Totalization agreement”?
A totalization agreement is an international accord between the United States and a foreign country designed to eliminate double social...
Tax Glossary
What Is “Termination of S election”?
Termination of S election happens when a business loses its special “S corporation” tax status and reverts to being taxed...
Tax Glossary
What Is the “Taxable Income Limitation”?
The taxable income limitation is a strict boundary set by the IRS that caps a taxpayer’s maximum deduction based on...
Tax Glossary
What Is “Tax treaty”?
A tax treaty is a bilateral agreement between two countries resolved to avoid double taxation on individuals and businesses earning...
Tax Glossary
What Is “ Substantial presence test ”?
The Substantial Presence Test is a mathematical day-counting formula used by the Internal Revenue Service (IRS) to determine whether a...
Tax Glossary
What Is a Stretch IRA?
A Stretch IRA is a financial estate-planning strategy that allows a beneficiary who inherits a traditional or Roth Individual Retirement...