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Tax Glossary
What Is “ IRS letter ”?
What Is an IRS Letter? An IRS letter is a formal piece of correspondence sent by the Internal Revenue Service...
Tax Glossary
What Is “ IRS audit ”?
What Is an IRS Audit? An IRS audit is a formal review of an individual’s or business’s tax return and...
Tax Glossary
What Is “ IRS collection ”?
What Is IRS Collection? IRS collection is the multi-step process the government uses to gather unpaid taxes once a debt...
Tax Glossary
What Is “IRS Appeals”?
What Is IRS Appeals? IRS Appeals is an independent organization within the Internal Revenue Service designed to help taxpayers resolve...
Tax Glossary
What Is “Invoice”?
What Is an Invoice? An invoice is a commercial document issued by a seller to a buyer that lists the...
Tax Glossary
What Is “Inventory”?
What Is Inventory? Inventory refers to the raw materials, work-in-progress items, and finished goods that a business holds for sale...
Tax Glossary
What Is “Interest on tax debt”?
What Is Interest on Tax Debt? Interest on tax debt is the additional cost the IRS charges when you do...
Tax Glossary
What Is “ Interest abatement ”?
What Is Interest Abatement? Interest abatement is the process of the IRS reducing or removing the interest charged on a...
Tax Glossary
What Is “Information return penalty”?
What Is “Information return penalty”? An information return penalty is a fee charged by the IRS when a business or...
Tax Glossary
What Is “Independent Office of Appeals”?
Independent Office of Appeals Glossary Article The Independent Office of Appeals is a separate, impartial arm of the IRS that...