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Tax Glossary
What Is “Earnings and profits”?
Earnings and profits (often abbreviated as E&P) is an IRS tax calculation used to measure a corporation’s true economic ability...
Tax Glossary
What Is an Early Withdrawal Penalty?
An early withdrawal penalty is an additional tax levied by the IRS when you pull money out of a tax-advantaged...
Tax Glossary
What Is an Early Distribution?
An early distribution is any withdrawal of cash or assets taken from a tax-advantaged retirement account before you reach the...
Tax Glossary
What Is “ Dual-status alien ”?
A dual-status alien is an individual who is classified as both a U.S. resident alien and a nonresident alien in...
Tax Glossary
What Is “Double taxation”?
Double taxation is a tax principle where the same financial income is taxed twice by the government before it reaches...
Tax Glossary
What Is “Dividend”?
A dividend is a distribution of a portion of a company’s earnings paid directly to its shareholders. It is essentially...
Tax Glossary
What Is a Direct Rollover?
A direct rollover is an administrative transfer of retirement assets directly from one tax-advantaged account to another eligible retirement account....
Tax Glossary
What Is “ Dependent care FSA ”?
A Dependent Care FSA (Flexible Spending Account) is an employer-sponsored benefit plan that lets you pay for eligible care services—like...
Tax Glossary
What Is a Defined Contribution Plan?
A defined contribution plan is a type of retirement plan where an employee, an employer, or both make regular, specific...
Tax Glossary
What Is a Defined Benefit Plan?
A defined benefit plan is an employer-sponsored retirement plan that guarantees a specific, predetermined payout for employees when they retire....