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Tax Glossary
What Is the Arm’s Length Standard?
The arm’s length standard is a legal and accounting benchmark enforced by the IRS to ensure that financial transactions between...
Tax Glossary
What Is an “Applicable Taxpayer”?
An applicable taxpayer is a specialized legal classification established by the Internal Revenue Service (IRS) under the Affordable Care Act...
Tax Glossary
What Is “Alternate Valuation Date”?
The alternate valuation date is an optional date that an estate’s executor can use to value the deceased person’s assets...
Tax Glossary
What Is “Affordable Coverage”?
Affordable coverage is a specialized regulatory benchmark established under the Affordable Care Act (ACA) that dictates the maximum amount an...
Tax Glossary
What Is the “Advance Premium Tax Credit”?
The Advance Premium Tax Credit (APTC) is a federal financial subsidy designed to make health insurance more affordable for individuals...
Tax Glossary
What Is “Accumulation distribution”?
An accumulation distribution occurs when a complex trust distributes a payout to a beneficiary that is larger than the trust’s...
Tax Glossary
What Is a “529 Plan”?
A 529 plan is a tax-advantaged savings and investment account authorized by Section 529 of the Internal Revenue Code and...
Tax Glossary
What Is “501(c)(3) organization”?
A 501(c)(3) organization is a specific type of nonprofit entity recognized by the IRS as exempt from federal corporate income...
Tax Glossary
What Is “W-2 wage limitation”?
The W-2 wage limitation is an IRS rule that caps the 20% Qualified Business Income (QBI) deduction for high-income small...
Tax Glossary
What Is “Unadjusted basis immediately after acquisition”?
Unadjusted basis immediately after acquisition (often called UBIA) is an IRS tax term that refers to the original purchase price...