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Tax Glossary
What Is “Form 1023-EZ”?
Form 1023-EZ is a streamlined, shorter version of the IRS application used by small organizations to apply for 501(c)(3) tax-exempt...
Tax Glossary
What Is “Form 1023”?
IRS Form 1023, officially titled the “Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code,” is...
Tax Glossary
What Is Foreign-Derived Intangible Income (FDII)?
Foreign-Derived Intangible Income (FDII) is a U.S. tax incentive designed to encourage domestic corporations to keep their operations, jobs, and...
Tax Glossary
What Is a “Foreign trust”?
A foreign trust is any legal trust arrangement that fails to meet either the IRS’s “court test” or “control test”...
Tax Glossary
What Is a Foreign Inheritance?
A foreign inheritance is cash, property, real estate, or other assets received by a U.S. citizen or resident alien from...
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...