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Tax Glossary
What Is “Long-term payment plan”?
What Is “Long-term payment plan”? A long-term payment plan, often called an installment agreement, is an arrangement with the IRS...
Tax Glossary
What Is “Listed property”?
What Is Listed Property? Listed property is a specific category of business assets that the IRS monitors closely because they...
Tax Glossary
What Is “ Limited partnership ”?
A Limited Partnership (LP) is a formal business structure made up of two distinct types of owners: at least one...
Tax Glossary
What Is “ Limited liability partnership ”?
A Limited Liability Partnership (LLP) is a formal business structure designed to protect individual partners from the negligence, malpractice, or...
Tax Glossary
What Is “ Limited liability company ”?
A Limited Liability Company (LLC) is a legal business structure registered at the state level that protects business owners from...
Tax Glossary
What Is “ Late payment penalty ”?
A late payment penalty, officially known by the IRS as the “failure-to-pay penalty,” is a fee charged when you do...
Tax Glossary
What Is “Late filing penalty”?
What Is “Late filing penalty”? A late filing penalty, also known as the failure-to-file penalty, is a fee charged by...
Tax Glossary
What Is “IRS seizure”?
What Is an IRS Seizure? An IRS seizure is the legal process where the government physically takes and sells your...
Tax Glossary
What Is “IRS penalty”?
What Is an IRS Penalty? An IRS penalty is an additional fee charged by the Internal Revenue Service when a...
Tax Glossary
What Is “ IRS notice ”?
What Is an IRS Notice? An IRS notice is an official letter sent by the Internal Revenue Service to a...