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Tax Glossary
What Is “Recordkeeping”?
What Is Recordkeeping? Recordkeeping is the systematic process of identifying, capturing, and storing financial documents that support the information on...
Tax Glossary
What Is “Receipt”?
What Is a Receipt? A receipt is a written or electronic acknowledgement that a person or business has received money...
Tax Glossary
What Is “Reasonable cause”?
What Is “Reasonable cause”? Reasonable cause is a standard used by the IRS to determine if a taxpayer has a...
Tax Glossary
What Is “Principal place of business”?
What Is a Principal Place of Business? A principal place of business is the primary location where you conduct your...
Tax Glossary
What Is “Per diem”?
What Is Per Diem? Per diem is a fixed daily allowance provided to employees or freelancers to cover costs such...
Tax Glossary
What Is “ Penalty abatement ”?
What Is Penalty Abatement? Penalty abatement is the process of asking the IRS to remove or “forgive” specific penalties that...
Tax Glossary
What Is “ Partnership ”?
A partnership is a legal and tax classification for a business owned and operated by two or more people or...
Tax Glossary
What Is “Partner”?
What Is a Partner? A partner is an individual, corporation, or other entity that owns a portion of a business...
Tax Glossary
What Is “Organizational cost”?
What Is “Organizational cost”? Organizational costs are the specific expenses incurred to legally create a business entity, such as a...
Tax Glossary
What Is “Ordinary and necessary expense”?
What Is an Ordinary and Necessary Expense? An ordinary and necessary expense is the standard used by the IRS to...