What is Global Entry ? Global Entry is a trusted traveler program operated by U.S. Customs and Border Protection (CBP) that allows expedited clearance for pre-approved, low-risk travelers upon arrival in the United States. This program is designed to streamline the international arrivals process at airports, making it quicker and more efficient for participants. To … Read more
What is a Real ID ? A Real ID is a form of identification that meets federal standards for use in certain situations, particularly for air travel and accessing federal facilities. It was developed in response to increased security measures following the September 11, 2001, attacks. The Real ID Act, passed by Congress in 2005, … Read more
What is FUTA Tax ? The Federal Unemployment Tax Act (FUTA) is a payroll tax imposed on employers to fund unemployment benefits for workers who have lost their jobs. FUTA tax is separate from state unemployment tax systems, and it primarily supports the administrative costs of the unemployment insurance system operated by the federal government. … Read more
What is Nanny Tax ? The “Nanny Tax” refers to the tax obligations that households incur when they employ domestic workers, such as nannies, caregivers, housekeepers, or private tutors, and pay them a certain threshold amount. Essentially, if you hire someone to work in your home and pay them a certain amount, you become responsible … Read more
What is the Applicable Federal Rate ? The Applicable Federal Rate (AFR) is a set of interest rates published monthly by the Internal Revenue Service (IRS) for various types of transactions, such as loans, estate planning, and certain lease agreements. These rates are used to determine the minimum interest rates that must be charged on … Read more
Adjusted gross income is an important financial figure that can impact your tax liability, eligibility for government programs, and ability to obtain loans. It is also a useful tool for financial planning and decision-making. Find out more about AGI below. What is Adjusted Gross Income (AGI) ? Adjusted Gross Income (AGI) is the total income that … Read more
What is Charitable Contribution Deductions ? The IRS charitable contributions deduction is a tax benefit provided by the Internal Revenue Service (IRS) to taxpayers who donate money or property to qualified charitable organizations. When individuals or businesses make donations to eligible nonprofits, religious institutions, educational organizations, or other qualified entities, they may be able to … Read more
What is the IRS Modernized e-File (MeF) Program ? The IRS Modernized e-File (MeF) Program is a sophisticated electronic filing system developed by the Internal Revenue Service (IRS) to streamline and modernize the process of filing tax returns. MeF allows taxpayers, tax professionals, and businesses to electronically submit various types of tax documents, including individual … Read more
What is the Internal Revenue Code ? The Internal Revenue Code (IRC) is the main body of federal tax law in the United States. It encompasses a comprehensive set of statutes enacted by the U.S. Congress to regulate and govern the administration and enforcement of federal taxes. The IRC outlines various aspects of taxation, including … Read more
What is Form 8938 ? Form 8938 is a tax form used by U.S. taxpayers to report specified foreign financial assets for the purpose of compliance with the Foreign Account Tax Compliance Act (FATCA). FATCA requires certain taxpayers to report their foreign financial accounts and offshore assets to the Internal Revenue Service (IRS). The form … Read more