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Tax Glossary
What Is “General ledger”?
What Is a General Ledger? A general ledger is the master record of a business’s financial transactions. It acts as...
Tax Glossary
What Is “ Freelancer ”?
A freelancer is a self-employed individual who offers services to clients on a contract or project basis rather than working...
Tax Glossary
What Is “Form 8832”?
What Is Form 8832? Form 8832, officially titled “Entity Classification Election,” is a document used by eligible businesses to tell...
Tax Glossary
What Is “Form 3115”?
What Is Form 3115? Form 3115 is the official document used by U.S. taxpayers to request a change in their...
Tax Glossary
What Is “Form 2553”?
What Is Form 2553? Form 2553 is the official document used by a small business to tell the IRS it...
Tax Glossary
What Is a “Fiscal year taxpayer”?
What Is a Fiscal Year Taxpayer? A fiscal year taxpayer is an individual or business entity that reports their annual...
Tax Glossary
What Is “ First-time abatement ”?
What Is First-time abatement? First-time abatement (FTA) is an administrative waiver provided by the IRS that allows taxpayers to remove...
Tax Glossary
What Is “ Field audit ”?
What Is a Field Audit? A field audit is an in-person tax examination where an IRS Revenue Agent visits your...
Tax Glossary
What Is “ Federal tax lien ”?
What Is a Federal Tax Lien? A federal tax lien is the government’s legal claim against your property when you...
Tax Glossary
What Is “Failure-to-pay penalty”?
What Is “Failure-to-pay penalty”? The failure-to-pay penalty is a fee the IRS charges when you do not pay the taxes...