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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...
Tax Glossary
What Is a “Parsonage Allowance”?
A parsonage allowance is a specific tax provision that allows ordained, licensed, or commissioned ministers who live in a church-provided...
Tax Glossary
What Is “Nontaxable Combat Pay”?
Nontaxable combat pay is the compensation received by members of the U.S. Armed Forces for active service in a government-designated...
Tax Glossary
What Is the “More Likely Than Not Standard”?
The “more likely than not” standard is a high legal benchmark used by the IRS and tax courts to evaluate...
Tax Glossary
What Is “Ministerial Income”?
Ministerial income refers to the compensation received by a duly ordained, commissioned, or licensed minister for performing religious services and...
Tax Glossary
What Is a “Military Tax Extension”?
A military tax extension is a specialized provision under U.S. tax law that postpones the deadlines for filing tax returns,...