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Tax Glossary
What Is “ Business structure ”?
A business structure is the legal framework that determines how your company is organized, operated, and taxed by the government....
Tax Glossary
What Is “Business expense”?
What Is a Business Expense? A business expense is a cost incurred in the course of operating a trade or...
Tax Glossary
What Is “ Business entity ”?
A business entity is a legal structure created to conduct business. The type of entity you choose determines how your...
Tax Glossary
What Is “Books and records”?
What Are Books and Records? Books and records refers to the set of documents and financial summaries that support the...
Tax Glossary
What Is “Beginning inventory”?
What Is Beginning Inventory? Beginning inventory is the total dollar value of all goods, raw materials, and work-in-progress items that...
Tax Glossary
What Is “Bank statement”?
What Is a Bank Statement? A bank statement is an official summary of financial transactions that occurred within a specific...
Tax Glossary
What Is a “Bank levy”?
What Is a Bank Levy? A bank levy is a legal action where the IRS (or a state taxing authority)...
Tax Glossary
What Is “ Audit reconsideration ”?
What Is “ Audit reconsideration ”? Audit reconsideration is an IRS process that allows you to request the reopening of...
Tax Glossary
What Is “Audit”?
What Is an Audit? A tax audit is a formal review and examination of an individual’s or organization’s tax return...
Tax Glossary
What Is “ Assessment statute expiration date ”?
The Assessment Statute Expiration Date (ASED) is the hard legal deadline by which the IRS must review your tax return...