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Tax Glossary
What Is “Foreign pension”?
A foreign pension is a retirement savings plan or pension scheme established outside the United States by a foreign employer,...
Tax Glossary
What Is “Foreign housing deduction”?
The foreign housing deduction is a U.S. tax provision that allows self-employed citizens and resident aliens living abroad to deduct...
Tax Glossary
What Is “Foreign financial account”?
A foreign financial account is a broad category of financial accounts—including bank accounts, investment portfolios, mutual funds, and pension plans—that...
Tax Glossary
What Is “Foreign bank account”?
A foreign bank account is any financial account—such as a checking, savings, or certificate of deposit (CD) account—that is maintained...
Tax Glossary
What Is “FinCEN Form 114”?
FinCEN Form 114 is the official electronic document used by U.S. persons to report financial accounts held outside the United...
Tax Glossary
What Is “FEIE”?
FEIE stands for the Foreign Earned Income Exclusion. It is a powerful U.S. tax provision that allows citizens and resident...
Tax Glossary
What Is “FBAR”?
The FBAR, officially known as the Report of Foreign Bank and Financial Accounts, is a mandatory disclosure report required by...
Tax Glossary
What Is “Expatriation tax”?
The expatriation tax, commonly referred to as the “exit tax,” is a federal tax levied by the IRS on certain...
Tax Glossary
What Is “Exit tax”?
The exit tax, formally known as the expatriation tax, is a federal tax levied by the IRS on certain citizens...
Tax Glossary
What Is “Excess passive investment income”?
Excess passive investment income is a tax rule that applies specifically to S corporations that previously operated as C corporations....