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Tax Glossary
What Is “Tax classification”?
What Is Tax Classification? Tax classification is the category the IRS assigns to a business to determine which tax rules...
Tax Glossary
What Is “Tax assessment”?
What Is “Tax assessment”? A tax assessment is the official recording of a tax liability on the books of the...
Tax Glossary
What Is “ Substitute for return ”?
What Is a Substitute for return? A Substitute for Return (SFR) is a federal tax return that the IRS prepares...
Tax Glossary
What Is “Substantial understatement penalty”?
What Is “Substantial understatement penalty”? A substantial understatement penalty is a charge the IRS adds to your tax bill if...
Tax Glossary
What Is “ Statutory exception ”?
What Is a Statutory Exception? A statutory exception is a specific provision written into the tax law that excuses a...
Tax Glossary
What Is “Statutory employee”?
What Is a Statutory Employee? A statutory employee is a unique category of worker who is technically an independent contractor...
Tax Glossary
What Is “ Statute of limitations ”?
The statute of limitations is a legal time limit established by the IRS for taking certain tax-related actions. It defines...
Tax Glossary
What Is “Startup cost”?
What Is a Startup Cost? Startup costs are the expenses you pay or incur to create an active trade or...
Tax Glossary
What Is “ Sole proprietor ”?
A sole proprietor is an individual who owns and runs an unincorporated business by themselves. From a tax and legal...
Tax Glossary
What Is “ Single-member LLC ”?
A single-member LLC (Limited Liability Company) is a legally registered business structure that has only one owner. From a legal...