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Tax Glossary
What Are “Partnership Audit Rules”?
Partnership audit rules are the specific procedures the IRS uses to examine the tax returns of business partnerships. Under the...
Tax Glossary
What Is “Partner’s share of liabilities”?
A partner’s share of liabilities represents the portion of a partnership’s debts that is assigned to an individual partner for...
Tax Glossary
What Is a One-Participant 401(k)?
A One-Participant 401(k) is a traditional 401(k) retirement plan designed exclusively for self-employed individuals and business owners who have no...
Tax Glossary
What Is “ Nonresident alien ”?
A nonresident alien is a non-U.S. citizen who does not hold a green card and has not spent enough time...
Tax Glossary
What Is a Nonrecourse Liability?
A nonrecourse liability is a type of loan where the borrower is not personally liable for the debt. If the...
Tax Glossary
What Is a Nonqualified Distribution?
A nonqualified distribution is a withdrawal from a tax-advantaged savings account—such as a Roth IRA, Roth 401(k), Health Savings Account...
Tax Glossary
What Is a Nondeductible IRA Contribution?
A nondeductible IRA contribution is a deposit made into a traditional Individual Retirement Account (IRA) using after-tax dollars that you...
Tax Glossary
What Is a Mega Backdoor Roth?
A Mega Backdoor Roth is an advanced tax strategy that allows employees to funnel large amounts of after-tax dollars into...
Tax Glossary
What Is “ Limited purpose FSA ”?
A Limited Purpose FSA (Flexible Spending Account) is a specialized, employer-sponsored health account that allows employees to save pre-tax dollars...
Tax Glossary
What Is an IRA?
An IRA, which stands for Individual Retirement Arrangement (or commonly Individual Retirement Account), is a personal, tax-advantaged savings account that...