Tuesday, October 7, 2008

Tax & Accounting Acronyms

In a world where we must communicate on many different levels and styles, such as my daughter Brionna just a few minutes ago informed me about: LMHO—laugh my head off, JK—just kidding, SUP—whats up, NM—not much, and WBU—what about you. All are very common IM and text language or acronyms used to communicate. Is there any wonder that there is a tax language and accounting language? Some of the words I am glad there is an acronym so I don't have to get tongue tied every time I want to speak about or say a term. This is not The List, but here are some really common ones used in their world:

AAA
Accumulated Adjustment Account
ACE
Adjusted Current Earnings
AEP
Accumulated Earnings and Profits
AFR
Applicable Federal Rate
AGI
Adjusted Gross Income
AMT
Alternative Minimum Tax
AMTI
Alternative Minimum Taxable Income
APIC
Additional Paid In Capital
ASED
Assessment Statute Expiration Date
BOY
Beginning of Year
C/B
Carryback; e.g., NOL C/B
C.B.
Cumulative Bulletin - Issued by the IRS
CCA
Chief Counsel's Advice (IRS writing)
C/F
Carryforward; e.g., NOL C/F
CFE
Certified Fraud Examiner
CHC
Closely Held Corporation
CLAT
Charitable Lead Annuity Trust
CLUT
Charitable Lead Unitrust
CRAT
Charitable Remainder Annuity Trust
CRT
Charitable Remainder Trust
CRUT
Charitable Remainder Unitrust
CSED
Collection Statute Expiration Date
DM
Debit Memo
DNI
Distributable Net Income of a fiduciary 1041 income tax return
DOD
Date of Death
DPAD
Domestic Production Activities Deduction (IRC Sec. 199)
DPGR
Domestic Production Gross Receipts (IRC Sec. 199)
EBE
Employee Business Expenses
E&O
Errors & Omissions, as in E & O Insurance
E&P
Earnings & Profits
EE
Employee
EOY
End of Year
ER
Employer
ESOP
Employee Stock Ownership Plan
FLP
Family Limited Partnership
FMV
Fair Market Value
FPHCI
Foreign Personal Holding Company Income
FSA
Field Service Advice (IRS writing)
FYE
Fiscal Year End
GAAP
Generally Accepted Accounting Principles
GCM
General Counsel Memorandum (IRS writing)
ILM
Internal Legal Memorandum (IRS writing)
IRB
Internal Revenue Bulletin
IRC
Internal Revenue Code
IRD
Income in Respect of a Decedent - IRD
IRM
Internal Revenue Manual
LLC
Limited Liability Company
LLP
Limited Liability Partnership
MLTN
More Likely Than Not
MMLLC
Multi Member LLC
MRD
Minimum Required Distribution
NOL
Net Operating Loss
NPO
Not for Profit Organization
NCFB
NonCash Fringe Benefit (per Paychex)
OAA
Other Adjustments Account
PHC
Personal Holding Company
PLR
Private Letter Ruling
PSC
Personal Service Corporation
PTP
Publicly Traded Partnership
PUCC
Personal Use Company Car (Paychex)
QDRO
Qualified Domestric Relations Order
QPAI
Qualified Production Activity Income (IRC Sec. 199)
RBD
Required Beginning Date
RMD
Required Minimum Distribution
ROFTL
Record of Federal Tax Liability (not to be confused with ROTFL)
SALY
Same As Last Year
SCA
Service Center Advice
SMLLC
Single Member LLC
TAM
Technical Advice Memoranda (IRS writing)
TC
Tax Court (i.e. United States Tax Court)
TFRP
Trust Fund Recovery Penalty
TIC
Tenants in Common
TMT
Tentative Minimum Tax
UBIT
Unrelated Business Income Tax
UGMA
Uniform Gift to Minors Act
UPE
Unreimbursed Partnership Expenses
UPIA
Uniform Principal and Income Act - used by trusts ; note that some states have adopted different versions, look yours up here
UTMA
Uniform Transfers to Minors Act
ZBA
Zero Balance Account (used by controlled corporations)
[edit]
Discussion Forum / Other Acronyms
FYI
For Your Information
:-)
Grin
IMO
In My Opinion
IMHO
In My Humble Opinion
IOW
In Other Words
LOL
Laughing out loud
OP
Original Poster - the person who originally asked the question
ROTFL
Rolling on the Floor Laughing (Not to be confused with ROFTL)
SOL
(Not Related to NOL), S*** Out of Luck


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