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Tax Glossary
What Is a Foreign Gift?
A foreign gift is money, property, or any valuable asset given to a U.S. citizen or resident alien by a...
Tax Glossary
What Is a “Foreign financial institution”?
A foreign financial institution (FFI) is any non-U.S. business that accepts deposits, holds financial assets for others, or invests and...
Tax Glossary
What Is a “Foreign financial asset”?
A foreign financial asset is any financial account or investment held outside the United States. This includes overseas bank accounts,...
Tax Glossary
What Is Fixed or Determinable Annual or Periodical Income?
Fixed or determinable annual or periodical income, widely known by the acronym FDAP income, is a broad classification of passive...
Tax Glossary
What Is FIRPTA?
The Foreign Investment in Real Property Tax Act (FIRPTA) is a U.S. tax law that requires buyers to withhold a...
Tax Glossary
What Is “Fiduciary”?
A fiduciary is an individual, bank, or trust company legally appointed to manage money, property, or assets on behalf of...
Tax Glossary
What Is “Fiduciary accounting income”?
Fiduciary accounting income (FAI) is the total amount of income earned by a trust or estate that is legally available...
Tax Glossary
What Is FDAP Income?
FDAP income stands for Fixed, Determinable, Annual, Periodical income, which represents a broad category of passive, U.S.-source income earned by...
Tax Glossary
What Is “FATCA”?
FATCA stands for the Foreign Account Tax Compliance Act, a federal law designed to combat tax evasion by U.S. citizens...
Tax Glossary
What Is the “Farm Optional Method”?
The farm optional method is a specialized, elective accounting calculation permitted by the Internal Revenue Service (IRS) that allows eligible...