tax

IRC, also written I.R.C. is an acronym for the Internal Revenue Code. The Internal Revenue Code is a collection of the federal tax laws created by Congress and enforced by the Internal Revenue Service (IRS). For a more detailed explanation, please visit the Wex article of the Internal Revenue Code. 

Irrevocable life insurance trusts (ILIT) allow individuals to ensure the benefits from a life insurance policy can avoid estate taxes and follow the interests of insured. ILITs must be irrevocable, meaning the insured cannot change or undue the trust after its creation. This allows the premiums from the life insurance policy to avoid estate taxes.

IRS is an abbreviation for the Internal Revenue Service, the tax administrator and collector of the United States of America.

IRS regulations, also known as treasury regulations or tax regulations, are the regulations issued by the Internal Revenue Services (IRS) to interpret the Internal Revenue Code (IRC).

The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) was an omnibus bill passed under President George W. Bush to spur economic growth after the 2001 recession by reducing taxes.

Keogh plans (also called qualified retirement plans, H.R. 10 plans, or self-employed retirement plans) are a type of ERISA retirement plan for self-employed individuals and employees of some private businesses. The plans allow tax-deferment for any contributions and benefits, mirroring the other plans created by Congress to encourage savings for retirement. The employee does not pay taxes for contributions under the annual limit until retirement.

A levy may be a fine or tax imposed by a government authority. In this case, levy can also be used as a verb, as in “to levy taxes” which means to impose a tax.

Like-kind property refers to property that fulfills the requirements of a 1031 exchange, delaying the recognition of capital gains.