October 18, 2010 12:00 am

Understanding the IRS?

It may become easier following enactment of the Plain Writing Act of 2010. Signed into law on October 13, 2010, it requires the IRS to translate its documents into “plain writing” within 1 year. Plain writing means language that is clear, concise, well organized, and follows other best practices appropriate to the subject.

Source: H.R. 946

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Tax Glossary

Profit-sharing plan

A defined contribution plan under which the amount contributed to the employees’ accounts is based on a percentage of the employer’s profits.

More terms