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Tax Glossary
What Is “Consolidated tax return”?
A consolidated tax return is a single federal income tax return filed by a parent corporation that includes the combined...
Tax Glossary
What Is “Closer Connection Exception”?
The closer connection exception is a U.S. tax rule that allows certain foreign citizens to avoid being treated as U.S....
Tax Glossary
What Is a Catch-Up Contribution?
A catch-up contribution is an additional, auxiliary deposit that the IRS allows older taxpayers to make into their tax-advantaged retirement...
Tax Glossary
What Is “Built-in gains tax”?
The built-in gains tax is a special corporate-level tax applied to an S corporation that previously operated as a C...
Tax Glossary
What Is “Bona fide residence test”?
The bona fide residence test is an IRS standard used to determine whether a U.S. citizen or resident alien has...
Tax Glossary
What Is a Beneficiary IRA?
A Beneficiary IRA—commonly referred to as an Inherited IRA—is a unique account opened when a person inherits a traditional IRA,...
Tax Glossary
What Is the “BBA partnership audit regime”?
The BBA partnership audit regime is a centralized set of IRS rules used to audit multi-member businesses. Under these rules,...
Tax Glossary
What Is Basis in an IRA?
Basis in an IRA represents the total amount of after-tax money you have deposited into your Individual Retirement Account across...
Tax Glossary
What Is a Backdoor Roth IRA?
A Backdoor Roth IRA is not a specific type of retirement account, but rather a legal tax strategy used by...
Tax Glossary
What Is “ Archer MSA ”?
An Archer MSA (Medical Savings Account) is a legacy tax-advantaged personal savings account designed to help self-employed individuals and employees...