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Tax Glossary
What Is “Circular 230”?
Circular 230 is the official name for the U.S. Department of the Treasury’s regulations that govern the ethical and professional...
Tax Glossary
What Is “Church Employee Income”?
Church employee income refers to the wages, salary, or compensation paid to non-clergy staff members who work for a church...
Tax Glossary
What Is “Chief Counsel Advice”?
Chief Counsel Advice (CCA) consists of written legal interpretations or instructions prepared by the national office of the IRS Office...
Tax Glossary
What Is “Assignment of income doctrine”?
The assignment of income doctrine is a fundamental judicial rule in U.S. tax law dictating that income must be taxed...
Tax Glossary
What Is “Alcohol tax”?
An alcohol tax is a specialized indirect excise tax levied by federal, state, and local governments on the manufacture, importation,...
Tax Glossary
What Is “Air transportation tax”?
The Air Transportation Tax, authorized primarily under Section 4261 and Section 4271 of the Internal Revenue Code, is a federal...
Tax Glossary
What Is an “Agricultural Employee”?
An agricultural employee is an individual who performs services related to farming, ranching, or forestry under the direction and control...
Tax Glossary
What Is a Withholding Agent?
A withholding agent is any person or entity—either domestic or foreign—that has control, receipt, custody, disposal, or payment of an...
Tax Glossary
What Is “Virtual Currency”?
Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, or...
Tax Glossary
What Is “Use Tax”?
Use tax is a type of consumption tax that applies to goods or services purchased out-of-state, online, or over the...