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Tax Glossary
What Is “Underpayment penalty”?
What Is “Underpayment penalty”? An underpayment penalty is a fee the IRS charges if you do not pay enough of...
Tax Glossary
What Is “Trust fund recovery penalty”?
What Is the Trust Fund Recovery Penalty? The Trust Fund Recovery Penalty (TFRP) is a penalty assessed by the IRS...
Tax Glossary
What Is “Trade name”?
What Is a Trade name? A trade name is the official name a business uses to present itself to the...
Tax Glossary
What Is “ Taxpayer Bill of Rights ”?
The Taxpayer Bill of Rights (TBOR) is a legal framework consisting of 10 fundamental rights that every U.S. taxpayer has...
Tax Glossary
What Is “ Taxpayer Advocate Service ”?
The Taxpayer Advocate Service (TAS) is an independent organization within the IRS designed to help taxpayers resolve severe or delayed...
Tax Glossary
What Is “Tax penalty”?
What Is a Tax Penalty? A tax penalty is an additional charge the IRS or state tax authorities add to...
Tax Glossary
What Is “Tax levy”?
What Is a Tax Levy? A tax levy is a legal seizure of your property or assets by the IRS...
Tax Glossary
What Is “ Tax examination ”?
What Is “ Tax examination ”? A tax examination is the formal process the IRS uses to review a tax...
Tax Glossary
What Is “Tax Court”?
What Is the U.S. Tax Court? The United States Tax Court is a federal “pre-payment” court where taxpayers can dispute...
Tax Glossary
What Is a “Tax Court petition”?
What Is a Tax Court Petition? A Tax Court petition is a formal legal document filed by a taxpayer to...