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Tax Glossary
What Is “ Debt basis ”?
Debt basis is the tax value of the money you have personally loaned to your business, most commonly an S-corporation....
Tax Glossary
What Is “Covered expatriate”?
A covered expatriate is a U.S. citizen or long-term green card holder who is officially designated by the IRS as...
Tax Glossary
What Is “Corporate net operating loss”?
A corporate net operating loss (NOL) happens when a C corporation’s allowable tax deductions are greater than its taxable income...
Tax Glossary
What Is “Corporate income tax”?
Corporate income tax is a tax levied by the government on the profits of a corporation. Instead of the business...
Tax Glossary
What Is “Corporate estimated tax”?
Corporate estimated tax is the “pay-as-you-go” method used by corporations to pay their federal income tax liability throughout the year....
Tax Glossary
What Is “Corporate distribution”?
A corporate distribution is any payment of cash, stock, or property made by a corporation to its shareholders. It is...
Tax Glossary
What Is a Contribution Limit?
A contribution limit is the maximum amount of money you are legally allowed to deposit into a tax-advantaged account within...
Tax Glossary
What Is “Consolidated tax return”?
A consolidated tax return is a single federal income tax return filed by a parent corporation that includes the combined...
Tax Glossary
What Is “Closer Connection Exception”?
The closer connection exception is a U.S. tax rule that allows certain foreign citizens to avoid being treated as U.S....
Tax Glossary
What Is a Catch-Up Contribution?
A catch-up contribution is an additional, auxiliary deposit that the IRS allows older taxpayers to make into their tax-advantaged retirement...