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Tax Glossary
What Is “ Multi-member LLC ”?
A multi-member LLC (Limited Liability Company) is a legally registered business structure that is owned by two or more people...
Tax Glossary
What Is “Member”?
What Is a Member? In the context of U.S. business and taxes, a “member” is an owner of a Limited...
Tax Glossary
What Is “Long-term payment plan”?
What Is “Long-term payment plan”? A long-term payment plan, often called an installment agreement, is an arrangement with the IRS...
Tax Glossary
What Is “Listed property”?
What Is Listed Property? Listed property is a specific category of business assets that the IRS monitors closely because they...
Tax Glossary
What Is “ Limited partnership ”?
A Limited Partnership (LP) is a formal business structure made up of two distinct types of owners: at least one...
Tax Glossary
What Is “ Limited liability partnership ”?
A Limited Liability Partnership (LLP) is a formal business structure designed to protect individual partners from the negligence, malpractice, or...
Tax Glossary
What Is “ Limited liability company ”?
A Limited Liability Company (LLC) is a legal business structure registered at the state level that protects business owners from...
Tax Glossary
What Is “ Late payment penalty ”?
A late payment penalty, officially known by the IRS as the “failure-to-pay penalty,” is a fee charged when you do...
Tax Glossary
What Is “Late filing penalty”?
What Is “Late filing penalty”? A late filing penalty, also known as the failure-to-file penalty, is a fee charged by...
Tax Glossary
What Is “IRS seizure”?
What Is an IRS Seizure? An IRS seizure is the legal process where the government physically takes and sells your...