Tax & Compliance
The terms behind tax obligations and regulatory filings, across jurisdictions and entity types.
11 terms
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01
Individual & Estate Tax
Casualty Loss
A sudden, unexpected loss of property value due to accidents, natural disasters, or similar events.
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02
Individual & Estate Tax
Earned Income
Revenue generated from providing goods or services, representing compensation for work performed or products delivered.
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03
Individual & Estate Tax
Estate Tax
A tax levied on the transfer of property upon death, based on the total value of the deceased person's estate.
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04
Individual & Estate Tax
Exclusions
Items specifically omitted from coverage, consideration, or calculation in financial arrangements or analyses.
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05
Individual & Estate Tax
Exemption
A release from an obligation, tax, or requirement that would otherwise apply.
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06
Individual & Estate Tax
Income Tax Basis
An accounting method that aligns financial reporting with tax regulations, typically differing from GAAP in areas like depreciation, revenue recognition, and expense timing.
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07
Tax Administration
Internal Revenue Service (IRS)
The U.S.
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08
Tax Administration
Safe Harbor Rule
Legal provisions protecting companies from liability for forward-looking statements when appropriate cautionary language is included.
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09
Tax Administration
Tax
A mandatory financial charge imposed by government authorities to fund public expenditures.
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10
Tax Administration
Taxation
The systematic process of imposing and collecting taxes by government authorities, including the rules, procedures, and policies governing tax assessment and payment.
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11
Individual & Estate Tax
Volunteer Income Tax Assistance
A program providing free tax preparation services to low-income individuals, elderly taxpayers, and others needing assistance with basic tax returns.