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Tax Glossary
What Is the “Energy Efficient Commercial Buildings Deduction”?
The Energy Efficient Commercial Buildings Deduction, permanently established under Section 179D of the Internal Revenue Code, is a federal tax...
Tax Glossary
What Is a “Revenue Ruling”?
A Revenue Ruling is an official, public interpretation issued by the IRS that explains how federal tax law applies to...
Tax Glossary
What Is a “Revenue Procedure”?
A Revenue Procedure is an official statement issued by the IRS that provides step-by-step instructions and procedural rules for complying...
Tax Glossary
What Is “Religious exemption from self-employment tax”?
A religious exemption from self-employment tax is a legal provision under U.S. tax law that allows qualifying individuals to opt...
Tax Glossary
What Is the “Rehabilitation Credit”?
The rehabilitation credit, governed by Section 47 of the Internal Revenue Code, is a federal tax incentive designed to encourage...
Tax Glossary
What Is a “Regular Tax Court Opinion”?
A Regular Tax Court opinion, formally known as a division opinion, is a landmark legal decision issued by the United...
Tax Glossary
What Is “Reasonable Basis”?
A reasonable basis is a relatively low, yet significantly structured legal standard used by the IRS to judge whether a...
Tax Glossary
What Is the “R&D Tax Credit”?
The R&D tax credit, formally known as the Credit for Increasing Research Activities under Section 41 of the Internal Revenue...
Tax Glossary
What Is “Proposed Regulations”?
Proposed regulations are draft rules issued by the U.S. Department of the Treasury and the IRS to show the public...
Tax Glossary
What Is a “Private Letter Ruling”?
A Private Letter Ruling (PLR) is a written statement issued by the IRS to an individual taxpayer or business entity...