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Tax Glossary
What Is “Veterans Disability Benefits”?
Veterans disability benefits are tax-free financial payments administered by the Department of Veterans Affairs (VA) for corporate or military veterans...
Tax Glossary
What Is “Treasury Regulations”?
Treasury regulations, often referred to as IRS regulations, are the official interpretations of the Internal Revenue Code (IRC) issued by...
Tax Glossary
What Is “Tobacco tax”?
A tobacco tax is a specialized indirect excise tax levied by federal, state, and local governments on the manufacture, importation,...
Tax Glossary
What Is “Temporary Regulations”?
Temporary regulations are immediately effective tax rules issued by the U.S. Department of the Treasury and the IRS to provide...
Tax Glossary
What Is a “Tax Shelter”?
A tax shelter is any legal strategy, financial arrangement, or investment vehicle used by a taxpayer to minimize, defer, or...
Tax Glossary
What Is a “Tax Court Memorandum Opinion”?
A Tax Court memorandum opinion is a type of written decision issued by a judge of the United States Tax...
Tax Glossary
What Is a “Tax Court Case”?
A Tax Court case is a formal legal proceeding in which a taxpayer sues the Commissioner of Internal Revenue in...
Tax Glossary
What Is “Substantial Authority”?
Substantial authority is a legal standard used by the IRS to determine whether a taxpayer has sufficient objective backing to...
Tax Glossary
What Is “Substance over form”?
Substance over form is a fundamental legal doctrine that allows the IRS and federal courts to evaluate a financial transaction...
Tax Glossary
What Is “Step Transaction Doctrine”?
The step transaction doctrine is a judicial rule that allows the IRS and federal courts to combine a series of...