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Tax Glossary
What Is “Estate Tax”?
The estate tax is a financial levy imposed by the federal government on the transfer of an individual’s property and...
Tax Glossary
What Is “Estate income tax return”?
An estate income tax return is a specific federal tax filing required for a deceased person’s estate when it generates...
Tax Glossary
What Is “Employer-Sponsored Coverage”?
Employer-sponsored coverage is a health insurance program provided by an employer to its workforce, often referred to as a group...
Tax Glossary
What Is “Employer Educational Assistance”?
Employer educational assistance is a tax-advantaged fringe benefit that allows an organization to pay for or reimburse its employees’ academic...
Tax Glossary
What Is an “Eligible Educational Institution”?
An eligible educational institution is any college, university, vocational school, or other postsecondary learning institution that has been officially approved...
Tax Glossary
What Is Effectively Connected Income (ECI)?
Effectively Connected Income (ECI) is income earned by a nonresident alien or a foreign business entity that is directly tied...
Tax Glossary
What Is an “Education Savings Account”?
An Education Savings Account (ESA), formally known as a Coverdell ESA and formerly called an Education IRA, is a tax-advantaged...
Tax Glossary
What Is an “Education Credit”?
An education credit is a U.S. federal tax benefit designed to directly reduce your income tax liability based on money...
Tax Glossary
What Is “Donor-Advised Fund”?
A donor-advised fund (DAF) is a specialized investment account managed by a public charity that allows you to combine your...
Tax Glossary
What Is “Donor Acknowledgment”?
A donor acknowledgment is a formal written statement or letter provided by a charitable organization to an individual or business...