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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...
Tax Glossary
What Is “ Collection statute expiration date ”?
The Collection Statute Expiration Date (CSED) is the legal deadline by which the IRS must finish collecting an unpaid tax...
Tax Glossary
What Is the “Collection Appeals Program”?
What Is the Collection Appeals Program (CAP)? The Collection Appeals Program (CAP) is a fast-track process that allows taxpayers to...
Tax Glossary
What Is “ Collection ”?
What Is Collection? IRS collection is the legal process the government uses to gather unpaid tax debts after they have...