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Tax Glossary
What Is “ Disregarded entity ”?
A disregarded entity is a business that is recognized as a separate legal structure by its state government but is...
Tax Glossary
What Is “Deductible business expense”?
What Is a Deductible Business Expense? A deductible business expense is a cost incurred while running your trade or profession...
Tax Glossary
What Is “De minimis safe harbor”?
What Is the De Minimis Safe Harbor? The de minimis safe harbor is an IRS rule that allows small business...
Tax Glossary
What Is “DBA”?
What Is a DBA? A DBA, which stands for “Doing Business As,” is a professional nickname for a business. It...
Tax Glossary
What Is “Currently not collectible”?
What Is “Currently not collectible”? “Currently not collectible” (CNC) is a special status the IRS assigns to taxpayers who are...
Tax Glossary
What Is “ CP2000 notice ”?
What Is a CP2000 Notice? A CP2000 notice is an official letter from the IRS informing you that the information...
Tax Glossary
What Is “Taxable income”?
What Is Taxable Income? Taxable income is the specific portion of your total earnings that the government is actually allowed...
Tax Glossary
What Is “ Correspondence audit ”?
What Is a Correspondence Audit? A correspondence audit is a tax examination conducted entirely through the mail or via digital...
Tax Glossary
What Is “ Corporation ”?
A corporation is a formal, independent legal entity owned by shareholders that exists completely separate from the people who founded...
Tax Glossary
What Is “Common-law employee”?
What Is a Common-law Employee? A common-law employee is anyone who performs services for an employer if the employer has...