Circular 230

Circular 230 means:¬†an U.S. Internal Revenue Service (IRS) publication that sets forth the requirements and responsibilities of professional preparers of tax returns. The statement details educational, ethical, and procedural guidelines. Treasury Department Circular No. 230 – Regulations […]

Self Employed Person

Description and Definition of Self Employed Person An individual who operates a trade, business, or profession as a proprietor or independent contractor. Self employment income is reported on Schedule C. Resources See Also Further Reading Self Employed Person in the West's Tax Law […]

Tenancy By the Entirety

Tenancy By the Entirety Tenancy By the Entirety means:
a form of joint ownership for real estate that exists only between husband and wife with equal rights of possession and enjoyment during their joint lives and with the right of survivorship; that is, when one dies, the property goes […]

Grantor Trust

Grantor Trust means:
a trust that has beneficiaries other than the grantor but, because interests or certain powers over the trust, are retained, all income of the trust is taxed to the grantor. Former IRC (check if this IRC provision is current here) §§671-677. Description and […]

Depreciable Property

Description and Definition of Depreciable Property Property with a useful life of more than one year that is used in your trade or business. Deductions are spread over the estimated useful life of the property. Resources See Also Further Reading Depreciable Property in the West's Tax Law […]

Community Income

Description and Definition of Community Income Income earned in a community property state that is treated as belonging equally to husband and wife. Resources See Also Further Reading Community Income in the West's Tax Law Dictionary Community Income in "A Dictionary of Taxation"

Convention

Description and Definition of Convention A rule for determining MACRS depreciation in the year property is placed in service. Resources See Also Further Reading Convention in the West's Tax Law Dictionary Convention in "A Dictionary of Taxation"