Plain-English definitions of AI, accounting, and SaaS-finance terms.
Parallel tax calculation ensuring high-income taxpayers pay a minimum federal tax regardless of deductions.
Tax rules limiting loss deductions to the amount a taxpayer has economically at risk in an activity.
A sales tax obligation trigger based on the dollar value or number of transactions in a state, regardless of physical presence, established after South Dakota v. Wayfair (2018).
Federal tax on the transfer of assets from a decedent's estate above a statutory exemption threshold.
Quarterly tax payments required from self-employed individuals and businesses that expect to owe $1,000 or more in taxes not covered by withholding.
IRS rules limiting deduction of losses from activities in which the taxpayer does not materially participate.
Taxes levied on wages and salaries, split between employee withholding and employer contributions, funding social programs like Social Security and Medicare.
20% deduction for pass-through business income under IRC Section 199A for eligible self-employed taxpayers.
IRS-designated economically distressed area offering capital gains tax deferral and reduction for long-term investments.
Prepayment of income and self-employment taxes made four times per year by self-employed individuals and investors.
The level of connection between a business and a state sufficient to require the business to collect and remit sales tax in that state.
Immediate expensing of qualifying business property rather than depreciating it over multiple years.
Social Security and Medicare taxes paid by self-employed individuals on net self-employment income.
Tax rule resetting an inherited asset's cost basis to fair market value at the decedent's date of death.
Bilateral agreement between countries to reduce double taxation on income earned across borders.
The pricing of goods, services, and intellectual property exchanged between related entities within a multinational company, governed by the arm's length principle.
