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Tax Glossary
What Is the “Servicemembers Civil Relief Act”?
The Servicemembers Civil Relief Act (SCRA) is a powerful federal law designed to provide legal and financial protections to active-duty...
Tax Glossary
What Is “Self-employment tax for clergy”?
Self-employment tax for clergy refers to the Social Security and Medicare taxes that ordained, licensed, or commissioned ministers must pay...
Tax Glossary
What Is the “Energy Efficient Commercial Buildings Deduction”?
The Energy Efficient Commercial Buildings Deduction, permanently established under Section 179D of the Internal Revenue Code, is a federal tax...
Tax Glossary
What Is a “Revenue Ruling”?
A Revenue Ruling is an official, public interpretation issued by the IRS that explains how federal tax law applies to...
Tax Glossary
What Is a “Unitary Business”?
A unitary business is a group of legally separate corporations or business entities that operate together as a single, highly...
Tax Glossary
What Is a U.S. Shareholder?
In the context of international tax law, a U.S. shareholder is a U.S. person or entity that owns a significant...
Tax Glossary
What Is “Trustee”?
A trustee is an individual or an institution, such as a bank or trust company, legally designated to hold, manage,...
Tax Glossary
What Is “Trust income tax return”?
A trust income tax return is a specific federal tax filing used to report the annual financial activity of an...
Tax Glossary
What Is “Trust”?
A trust is a legal arrangement where one party holds and manages assets for the benefit of another party. In...
Tax Glossary
What Is Transfer Pricing?
Transfer pricing is the accounting practice of setting the prices for goods, services, loans, or intellectual property exchanged between related...