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Tax Glossary
What Is “Bona fide residence test”?
The bona fide residence test is an IRS standard used to determine whether a U.S. citizen or resident alien has...
Tax Glossary
What Is a Beneficiary IRA?
A Beneficiary IRA—commonly referred to as an Inherited IRA—is a unique account opened when a person inherits a traditional IRA,...
Tax Glossary
What Is the “BBA partnership audit regime”?
The BBA partnership audit regime is a centralized set of IRS rules used to audit multi-member businesses. Under these rules,...
Tax Glossary
What Is Basis in an IRA?
Basis in an IRA represents the total amount of after-tax money you have deposited into your Individual Retirement Account across...
Tax Glossary
What Is a Backdoor Roth IRA?
A Backdoor Roth IRA is not a specific type of retirement account, but rather a legal tax strategy used by...
Tax Glossary
What Is “ Archer MSA ”?
An Archer MSA (Medical Savings Account) is a legacy tax-advantaged personal savings account designed to help self-employed individuals and employees...
Tax Glossary
What Is “Accumulated earnings tax”?
The accumulated earnings tax is a penalty tax imposed by the IRS on C corporations that hold onto excessive amounts...
Tax Glossary
What Is “Accumulated earnings and profits”?
Accumulated earnings and profits (often abbreviated as AE&P) is an IRS tax calculation that measures a corporation’s economic ability to...
Tax Glossary
What Is “ Accumulated adjustments account ”?
The Accumulated Adjustments Account (AAA) is a special tax tracking tool used exclusively by S-corporations. It keeps a running total...
Tax Glossary
What Is the 60-Day Rollover Rule?
The 60-day rollover rule is a strict IRS deadline that dictates how long you have to deposit a retirement account...