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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...
Tax Glossary
What Is “CNC status”?
What Is “CNC status”? CNC status stands for “Currently Not Collectible.” It is a designation assigned by the IRS to...
Tax Glossary
What Is “ Claim for refund ”?
A claim for refund is a formal request you submit to the IRS to get your money back when you...
Tax Glossary
What Is “Civil fraud penalty”?
What Is “Civil fraud penalty”? A civil fraud penalty is the most severe financial penalty the IRS can impose on...
Tax Glossary
What Is “Check-the-box election”?
What Is “Check-the-box election”? A check-the-box election is a process that allows certain business entities to choose how they want...
Tax Glossary
What Is “Chart of accounts”?
What Is a Chart of Accounts? A chart of accounts (COA) is an organized index of every financial category a...
Tax Glossary
What Is “Charitable contribution by business”?
What Is a Charitable Contribution by Business? A charitable contribution by a business is a donation of cash, equipment, or...
Tax Glossary
What Is the “Cash method”?
What Is the Cash Method? The cash method is an accounting practice where you report income in the tax year...