Hello World
Tax Glossary
What Is a “Specified foreign financial asset”?
A specified foreign financial asset is a legal category used by the IRS to describe any financial account or investment...
Tax Glossary
What Is “Simple trust”?
A simple trust is an IRS classification for an independent trust that is legally required to distribute all the income...
Tax Glossary
What Is “Seller’s Permit”?
A seller’s permit is a state-issued license that legally authorizes a business to collect sales tax from customers on taxable...
Tax Glossary
What Is “Section 127 Educational Assistance”?
Section 127 educational assistance is a specific provision within the U.S. Internal Revenue Code that allows an employer to provide...
Tax Glossary
What Is “Schedule K-1 Form 1041”?
Schedule K-1 (Form 1041) is an annual IRS tax document issued to a beneficiary of a trust or a deceased...
Tax Glossary
What Is “Sales Tax”?
Sales tax is a consumption tax imposed by state and local governments on the sale of specific goods and services....
Tax Glossary
What Is “Revocable trust”?
A revocable trust, often called a living trust, is a legal arrangement created during your lifetime to hold and manage...
Tax Glossary
What Is “Resident Return”?
A resident return is an individual tax return filed by a taxpayer who qualifies as a full-time resident of a...
Tax Glossary
What Is “Real Property Tax”?
Real property tax is a local government levy assessed on immovable real estate assets, including land, residential homes, commercial buildings,...
Tax Glossary
What Is a “Qualified Tuition Program”?
A Qualified Tuition Program (QTP), widely known as a Section 529 plan, is a tax-advantaged savings and investment program established...