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Internal Revenue Code of 1986

The main body of tax laws for the United States.

Deduction

An amount that can be subtracted from a company's taxable income, which reduces the total amount of tax it owes.

Remuneration

Payment or compensation for services, which can include salary, bonuses, and other benefits.

Taxable year

The annual accounting period used by a company or individual for keeping records and reporting income and expenses for tax purposes, typically a calendar year.

Publicly held corporation

A company whose shares of stock are traded on a public stock exchange, making it subject to certain public reporting requirements.

Pass-through entity

A business structure, like a partnership or S corporation, that avoids corporate income tax because its profits and losses are 'passed through' directly to the owners' personal income tax returns.

Securities Exchange Act of 1934

A federal law that governs the trading of securities (like stocks) and the companies that issue them, requiring certain financial disclosures.