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Useful Tax Glossary and Definitions

As a courtesy to our clients, we have compiled a comprehensive list of common tax terms and definitions for quick reference.

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Glossary of Terms

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Term Definition
Net operating loss (NOL)

A business loss that exceeds current income may be carried back against income of prior years and carried forward as a deduction from future income until eliminated.

Non-Resident

A non-resident is an individual who temporarily resided and/or worked in a state at any time during the tax year, although that state was NOT their state of residence.

Nonperiodic distributions

A 20% withholding rule applies to nonperiodic distributions, such as lump-sum distributions, paid directly to employees from an employer plan.

Nonrecourse financing

Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.