Tax Terminology
Here at PSVS we are in the trenches every day helping you navigate your way through the various complexities of your accounting-related activities. It is easy to forget that not everyone knows all the accounting-specific terminology we use daily.
We have created this fairly comprehensive glossary to supplement your knowledge and understanding and hopefully answer some of your questions.
Of course, if you have any questions send us an email or give us a call: (650) 578-1200.
1231 Transactions
Sales, exchanges, and involuntary conversions of business, rental, and royalty property held longer than one year.
1245 Property
Any property that is or has been subject to depreciation or amortization and is personal property, a single purpose agricultural or horticultural structure, or a storage facility (other than a building or its structural components) used for the distribution of petroleum.
1250 Property
Real property (other than section 1245 property) that is or has been subject to an allowance for depreciation.
179 Property
Property defined under section 179 of the IRS code for which a taxpayer can choose to recover all or part of the cost of the property (up to a limit) by deducting it in the year they place the property in service.
197 Intangibles
Assets listed in section 197 of the IRS code that a taxpayer can choose to amortize over a period of 15 years.
940 (form)
The employer's unemployment tax return; it includes both federal and state unemployment taxes paid during the year.
941 (form)
The employer's quarterly federal tax return; it reports the accumulated amounts of FICA and federal income tax withheld from employees' earnings for the quarter, as well as FICA tax owed by the employer.
