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Tax Glossary
What Is “Civil fraud penalty”?
What Is “Civil fraud penalty”? A civil fraud penalty is the most severe financial penalty the IRS can impose on...
Tax Glossary
What Is “Check-the-box election”?
What Is “Check-the-box election”? A check-the-box election is a process that allows certain business entities to choose how they want...
Tax Glossary
What Is “Chart of accounts”?
What Is a Chart of Accounts? A chart of accounts (COA) is an organized index of every financial category a...
Tax Glossary
What Is “Charitable contribution by business”?
What Is a Charitable Contribution by Business? A charitable contribution by a business is a donation of cash, equipment, or...
Tax Glossary
What Is the “Cash method”?
What Is the Cash Method? The cash method is an accounting practice where you report income in the tax year...
Tax Glossary
What Is “Capitalization”?
What Is Capitalization? Capitalization is a tax and accounting process where a business records a purchase as a long-term asset...
Tax Glossary
What Is “Capital expense”?
What Is a Capital Expense? A capital expense (often called CapEx) is money spent by a business or landlord to...
Tax Glossary
What Is “CAP appeal”?
What Is a CAP Appeal? A CAP appeal is a request made through the IRS Collection Appeals Program that allows...
Tax Glossary
What Is “Calendar year taxpayer”?
What Is a Calendar Year Taxpayer? A calendar year taxpayer is an individual or business entity that reports income and...
Tax Glossary
What Is “ C corporation ”?
A C corporation (often just called a C corp) is a standard corporate business structure that the IRS taxes completely...