Tag: internal

General Business Tax Credit

What is 'General Business Tax Credit' The total value of all the individual credits to be applied against income on a tax...

Tax Evasion

DefinitionTax evasion is the illegal evasion of taxes by individuals, corporations, and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of...

Tax Court

What is 'Tax Court' A specialized court of law that hears and adjudicates tax-related disputes and issues. The tax court in the...

Passive Foreign Investment Company (PFIC)

What is a 'Passive Foreign Investment Company - PFIC' A passive foreign investment company (PFIC) is a foreign-based corporation that exhibits either...
underpayment penalty

Underpayment Penalty

What is an underpayment penalty An underpayment penalty is a fee charged by the IRS for taxpayers who do not pay enough tax throughout the...
Backup withholding

Backup Withholding

What is 'Backup Withholding' Backup withholding is the tax that is levied on investment income, at an established tax rate, as the investor withdraws it....

Imputed Interest

What is an 'Imputed Interest' Imputed interest is used by the Internal Revenue Service (IRS) as a means of collecting tax revenues...

Earned Income

What is 'Earned Income' Earned income is income derived from active participation in a trade or business, including wages, salary, tips, commissions...

Economies of Scale

In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output...

W-9 Form

DefinitionForm W-9 is used in the United States income tax system by a third party who must file an information return with the Internal...

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