Hello World
Tax Glossary
What Is “FBAR”?
The FBAR, officially known as the Report of Foreign Bank and Financial Accounts, is a mandatory disclosure report required by...
Tax Glossary
What Is “Expatriation tax”?
The expatriation tax, commonly referred to as the “exit tax,” is a federal tax levied by the IRS on certain...
Tax Glossary
What Is “Exit tax”?
The exit tax, formally known as the expatriation tax, is a federal tax levied by the IRS on certain citizens...
Tax Glossary
What Is “Excess passive investment income”?
Excess passive investment income is a tax rule that applies specifically to S corporations that previously operated as C corporations....
Tax Glossary
What Is “ Excess HSA contribution ”?
An excess HSA contribution occurs when you deposit more money into your Health Savings Account than the annual maximum limit...
Tax Glossary
What Is an Excess Contribution?
An excess contribution occurs when you deposit more money into a tax-advantaged account than the law legally allows for a...
Tax Glossary
What Is an Employer Nonelective Contribution?
A an employer nonelective contribution is a retirement account deposit made by an employer directly into an eligible employee’s retirement...
Tax Glossary
What Is an Employer Matching Contribution?
An employer matching contribution is additional money that an employer deposits into an employee’s workplace retirement account, such as a...
Tax Glossary
What Is “Eligible S corporation shareholder”?
An eligible S corporation shareholder is a person or specific type of entity that the IRS legally allows to own...
Tax Glossary
What Is an Elective Deferral?
An elective deferral is a portion of your salary that you choose to take out of your regular paycheck to...