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Tax Glossary
What Is “Bank statement”?
What Is a Bank Statement? A bank statement is an official summary of financial transactions that occurred within a specific...
Tax Glossary
What Is a “Bank levy”?
What Is a Bank Levy? A bank levy is a legal action where the IRS (or a state taxing authority)...
Tax Glossary
What Is “ Audit reconsideration ”?
What Is “ Audit reconsideration ”? Audit reconsideration is an IRS process that allows you to request the reopening of...
Tax Glossary
What Is “Audit”?
What Is an Audit? A tax audit is a formal review and examination of an individual’s or organization’s tax return...
Tax Glossary
What Is “ Assessment statute expiration date ”?
The Assessment Statute Expiration Date (ASED) is the hard legal deadline by which the IRS must review your tax return...
Tax Glossary
What Is “ Assessment ”?
What Is an Assessment? In the world of taxes, an assessment is the official recording of a tax liability on...
Tax Glossary
What Is “ Administrative waiver ”?
What Is an Administrative Waiver? An administrative waiver is an official policy or action taken by the IRS to relieve...
Tax Glossary
What Is the “Actual home office expense method”?
What Is the Actual Home Office Expense Method? The actual home office expense method is a way to calculate your...
Tax Glossary
What Is “Accuracy-related penalty”?
What Is “Accuracy-related penalty”? An accuracy-related penalty is a fee the IRS charges when you underpay your taxes because you...
Tax Glossary
What Is “Accrual method”?
What Is the Accrual Method? The accrual method is an accounting practice where you report income in the tax year...