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Tax Glossary
What Is “ Penalty abatement ”?
What Is Penalty Abatement? Penalty abatement is the process of asking the IRS to remove or “forgive” specific penalties that...
Tax Glossary
What Is “ Partnership ”?
A partnership is a legal and tax classification for a business owned and operated by two or more people or...
Tax Glossary
What Is “Partner”?
What Is a Partner? A partner is an individual, corporation, or other entity that owns a portion of a business...
Tax Glossary
What Is “Organizational cost”?
What Is “Organizational cost”? Organizational costs are the specific expenses incurred to legally create a business entity, such as a...
Tax Glossary
What Is “Ordinary and necessary expense”?
What Is an Ordinary and Necessary Expense? An ordinary and necessary expense is the standard used by the IRS to...
Tax Glossary
What Is “Operating expense”?
What Is an Operating Expense? An operating expense (often called OPEX) is a cost a business incurs through its normal...
Tax Glossary
What Is “ Office audit ”?
What Is an Office Audit? An office audit is a type of tax examination where the IRS requests that you...
Tax Glossary
What Is “Offer in compromise”?
What Is “Offer in compromise”? An Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS that...
Tax Glossary
What Is “ Notice of Federal Tax Lien ”?
What Is a Notice of Federal Tax Lien? A Notice of Federal Tax Lien (NFTL) is a public document filed...
Tax Glossary
What Is “ Notice of deficiency ”?
What Is a Notice of Deficiency? A Notice of Deficiency is an official legal notice from the IRS informing a...