Tax Terms Glossary | Gain Power With Knowledge

Rabbi trust: A non-qualified trust used to defer income for an employee.
Real Property: Land and fixtures attached to the land.
Reasonable Cause: Reasonable cause is where a taxpayer can demonstrate that they acted with ordinary business care and prudence.
Recognition Event: A point in time when income must be recognized and reported to the IRS.
Records: A collection of data or information.
Redemption: The repayment of a principal amount of debt, at or before maturity.
Refund (Tax): Tax credits that are paid from a taxing authority to a taxpayer.
REMIC: A REMIC is a Real Estate Mortgage Investment Conduit. This is a special purpose vehicle used for pooling mortgages and issuing the pool as a security.
Remuneration: Compensation to an employee for their services.
Residency: A place where a person is considered to live.
Retained Earnings: The portion of a businesses’ profits that are retained by the corporation rather than distributed to its shareholders.
Revenue: Revenue is income received from normal activities before expenses.
Revocable Trust: A trust that is subject to amendment or revocation by the settlor.
Risk: Being exposed to harm or loss.
Royalties: Payments made to a taxpayer for the right to use their intellectual property.