Hello World
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...
Tax Glossary
What Is “Failure-to-file penalty”?
What Is the Failure-to-File Penalty? A failure-to-file penalty is a financial charge imposed by the IRS when you do not...
Tax Glossary
What Is “Exclusive use test”?
What Is the Exclusive Use Test? The exclusive use test is a strict IRS requirement for claiming the home office...
Tax Glossary
What Is “Estimated tax penalty”?
What Is “Estimated tax penalty”? The estimated tax penalty is a fee charged by the IRS when a taxpayer does...
Tax Glossary
What Is “Entity classification election”?
What Is “Entity classification election”? An entity classification election is a formal choice a business makes to tell the IRS...
Tax Glossary
What Is “Ending inventory”?
What Is Ending Inventory? Ending inventory is the total dollar value of all goods, raw materials, and work-in-progress items that...
Tax Glossary
What Is “Employer identification number”?
What Is an Employer Identification Number (EIN)? An Employer Identification Number (EIN) is a unique nine-digit number assigned by the...
Tax Glossary
What Is “Employee vs. contractor”?
What Is “Employee vs. contractor”? “Employee vs. contractor” refers to the legal and tax-related classification of a worker. This distinction...