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Tax Glossary
What Is “Tax penalty”?
What Is a Tax Penalty? A tax penalty is an additional charge the IRS or state tax authorities add to...
Tax Glossary
What Is “Tax levy”?
What Is a Tax Levy? A tax levy is a legal seizure of your property or assets by the IRS...
Tax Glossary
What Is “ Tax examination ”?
What Is “ Tax examination ”? A tax examination is the formal process the IRS uses to review a tax...
Tax Glossary
What Is “Tax Court”?
What Is the U.S. Tax Court? The United States Tax Court is a federal “pre-payment” court where taxpayers can dispute...
Tax Glossary
What Is a “Tax Court petition”?
What Is a Tax Court Petition? A Tax Court petition is a formal legal document filed by a taxpayer to...
Tax Glossary
What Is “Tax classification”?
What Is Tax Classification? Tax classification is the category the IRS assigns to a business to determine which tax rules...
Tax Glossary
What Is “Tax assessment”?
What Is “Tax assessment”? A tax assessment is the official recording of a tax liability on the books of the...
Tax Glossary
What Is “ Substitute for return ”?
What Is a Substitute for return? A Substitute for Return (SFR) is a federal tax return that the IRS prepares...
Tax Glossary
What Is “Substantial understatement penalty”?
What Is “Substantial understatement penalty”? A substantial understatement penalty is a charge the IRS adds to your tax bill if...
Tax Glossary
What Is “ Statutory exception ”?
What Is a Statutory Exception? A statutory exception is a specific provision written into the tax law that excuses a...