- Form 1040 is what individual taxpayers use to file tax returns with the IRS.
- Form 1040EZ was an abridged version of Form 1040 for taxpayers with basic tax situations.
- Section 501(c)(3) is part of the Internal Revenue Code (IRC) and is a special tax category for non-profit organizations.
- Capital gains tax is payable only after the sale of the investment.
- A corporation is a legal entity separate and distinct from its owners. Corporations have many of the same legal rights and obligations as individuals.
- A custodian is a bank that holds financial assets in safe custody to minimize the risk of theft or loss.
- The de minimis tax rule determines when municipal bond redemptions are capital gains rather than ordinary income.
- A deferred tax asset is a balance sheet item that results from an overpayment or advance in taxes.
- A deferred tax liability is an obligation to pay taxes in the future.
- ERISA is a federal law that sets standards for certain employer-sponsored retirement plans and rules for plan trustees.