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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...
Tax Glossary
What Is “ Stock basis ”?
Stock basis is essentially the amount of money you have invested in a share of stock for tax purposes. It...
Tax Glossary
What Is a Solo 401(k)?
A Solo 401(k)—also known as an Individual 401(k) or One-Participant 401(k)—is a traditional retirement plan designed specifically for self-employed business...
Tax Glossary
What Is a SIMPLE IRA?
A SIMPLE IRA (Savings Incentive Match Plan for Employees) is a tax-advantaged retirement plan designed specifically for small businesses and...
Tax Glossary
What Is “Shareholder basis”?
Shareholder basis is a running total that tracks the amount of money and property an owner has invested in a...
Tax Glossary
What Is a SEP IRA?
A SEP IRA (Simplified Employee Pension Individual Retirement Account) is a variation of a traditional IRA that allows self-employed individuals...
Tax Glossary
What Is “Second class of stock”?
A second class of stock refers to any share of stock, debt instrument, or agreement in an S corporation that...
Tax Glossary
What Is “Saving clause”?
A saving clause is a fundamental provision found in nearly all U.S. income tax treaties that preserves, or “saves,” the...