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Payroll Glossary - I
IIRIRA: Illegal Immigration Reform and Immigrant Responsibility Act of 1996.
Illegal Immigration Reform and Immigrant Responsibility Act of 1996: Federal statute passes in 1996 that changes IRCA by reducing the documents that employers must accept to prove a new employee's identity and work authorization.
Immigration Reform and Control Act of 1986 (IRCA): Federal law enacted in 1986 that prohibits employers from hiring persons who are not legal to work in this country. Also from discriminating against those potential employees based on their national origin or citizenship.
Impute: The addition of the value of cash/noncash compensation added to an employee's taxable wages in order to properly calculate and/or withhold taxes from the wages.
Incentive Stock Option (ISO): A stock option arrangement giving an employee an opportunity to buy the employer corporation's stock at a fixed price for a fixed period of time. It also can offer some favorable tax treatment if certain conditions are met.
Income Tax Treaties: Treaties between the US and foreign countries with provisions governing the tax treatment of US employees working in those countries, as well as aliens from those countries working in the US
Independent Contractor: A non-employee contracted by a business to perform services. Although the business specifies the result of the work to be performed, it does not control the details of the engagement (who-when-how) the work is actually done.
Individual Retirement Arrangement: A legal trust created for the exclusive benefit of an individual and/or his beneficiaries.
Individual Taxpayer Identification Number (ITIN): A tax ID number issued to an alien in the United States who cannot get a social security number but are required to file a tax or information return with the IRS. Not usable for employment purposes but for things like dividends, interest and capital gains and the like.
Information Return: A return sent to the Internal Revenue Service (e.g., 1099-misc, 1099-div and so on) or the Social Security Administration (e.g., Form W-2 Copy A, Form W-3 or 6559) that shows information concerning tax liabilities.
INS: Immigration and Naturalization Service.
Internal Revenue Bulletin (IRB): Bulletins issued (weekly except during the summer) by the Internal Revenue Service. The IRB contains newly issued regulations, procedures, and agency announcements.
Internal Revenue Code (IRC): Federal tax laws. Referred to as the "Internal Revenue Code of 1986", the year of the last major overhaul of the Code. The IRC comprises Title 26 of the United States Code.
Internal Revenue Service: Federal agency tasked with implementing and enforcing the tax laws of the US.
Internal Revenue Service Restructuring and Reform Act of 1998: Law enacted in 1998 to change the internal structure of the IRS so as to make it more responsive to taxpayers (the IRS clients) and promote electronic filing.
Internet Payroll: Payroll processing solution that utilizes the Internet technology to transfer payroll data and generate payroll reports.
Interstate Commerce: The exchange of goods or services between state. Provides a basis for congressional and federal government agency regulation of wages and hours of work and other employment related matters that otherwise would not be Constituitionally authorized.