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Tax Glossary
What Is “Private Benefit”?
Private benefit is an IRS legal doctrine that requires a tax-exempt organization to operate completely for the good of the...
Tax Glossary
What Is “Power of Appointment”?
A power of appointment is a specific legal right granted within a will or a trust document that authorizes a...
Tax Glossary
What Is “Political Campaign Activity”?
Political campaign activity refers to any deliberate action taken by an individual or organization to support or oppose a candidate...
Tax Glossary
What Is “Personal Representative”?
A personal representative is an individual or institution legally authorized to manage and settle the financial affairs of someone who...
Tax Glossary
What Is “Personal Property Tax”?
Personal property tax is an annual tax levied by state or local governments on movable assets owned by individuals or...
Tax Glossary
What Is Permanent Establishment?
A permanent establishment (PE) is a foundational tax concept used in international agreements to define a fixed, stable place of...
Tax Glossary
What Is “Pass-Through Entity Tax”?
A pass-through entity tax (PTET) is an optional, state-level tax that allows partnerships, S corporations, and certain limited liability companies...
Tax Glossary
What Is “Part-Year Resident Return”?
A part-year resident return is a specialized state income tax return filed by a taxpayer who permanently relocated their primary...
Tax Glossary
What Is “Origin-Based Sales Tax”?
Origin-based sales tax is a tax sourcing method where the final sales tax rate is determined entirely by the physical...
Tax Glossary
What Is “Nonresident Withholding”?
Nonresident withholding is a tax mechanism where a business, employer, or escrow agent subtracts state or federal income tax directly...