Depreciation reserves are funds established by a business for expensive items that depreciate overtime and must be replaced. The business puts money into the reserve every year according to the amount the item depreciates and its salvage value. This allows the business to have the funds available to replace expensive equipment as it must be replaced.
A domestic corporation is a corporation that does business in the jurisdiction in which it is incorporated. This can be compared to a Foreign Corporation which conducts business in a jurisdiction other than its place of incorporation.
Donee is a person who receives a gift from another person or legal entity. Donee also refers to a person that is given the power of appointment.
A donee beneficiary is a third party that benefits from a contract made by others, such as a child named in a parent's life insurance policy.
A donor is a person who gives assets to another without expecting anything in return. The donor may also give a donee the authority to make decisions through a power of appointment.
EA is an abbreviation for Enrolled Agent. An EA is a tax professional authorized by the Department of the Treasury to represent individual taxpayers before the Internal Revenue Service.
An Employer Identification Number (EIN) is a unique nine-digit number assigned to U.S. business entities. The EIN is also known as Federal Employer Identification Number (FEIN) or Federal Tax Identification Number (FTIN). An EIN is unique to the business entity to which it was assigned, and it never expires.
Enumerated powers are the specific powers granted to the federal government, and especially to Congress, under the U.S. Constitution.
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death.
