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Tax Glossary
What Is Global Intangible Low-Taxed Income (GILTI)?
Global Intangible Low-Taxed Income (GILTI) is a category of foreign active earnings made by a Controlled Foreign Corporation (CFC) that...
Tax Glossary
What Is the Gift Tax?
The federal gift tax is a regulatory levy imposed by the IRS on the transfer of money, property, or assets...
Tax Glossary
What Is “Gift Basis”?
A gift basis is the asset value assigned to property received as a gift, which the IRS uses to calculate...
Tax Glossary
What Is “Generation-Skipping Transfer Tax”?
The Generation-Skipping Transfer Tax (GSTT) is a federal tax imposed on wealth transfers made to a “skip person,” which includes...
Tax Glossary
What Is “Franchise Tax”?
A franchise tax is a state-level tax levied on corporations, LLCs, and other formal business entities for the privilege of...
Tax Glossary
What Is “Form W-8ECI”?
Form W-8ECI is an IRS document used by foreign individuals or business entities to declare that the income they receive...
Tax Glossary
What Is “Form W-8BEN-E”?
Form W-8BEN-E is an IRS tax document used by foreign (non-U.S.) business entities to certify their foreign status and claim...
Tax Glossary
What Is “Form W-8BEN”?
Form W-8BEN is an IRS tax document used by foreign (non-U.S.) individuals to verify their non-U.S. status for tax purposes....
Tax Glossary
What Is “Form 990-N”?
IRS Form 990-N, officially known as the Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or...
Tax Glossary
What Is “Form 990-EZ”?
IRS Form 990-EZ is a shortened, simplified version of the standard annual informational return that mid-sized tax-exempt organizations and nonprofits...