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Tax Glossary
What Is “ Limited liability partnership ”?
A Limited Liability Partnership (LLP) is a formal business structure designed to protect individual partners from the negligence, malpractice, or...
Tax Glossary
What Is “ Limited liability company ”?
A Limited Liability Company (LLC) is a legal business structure registered at the state level that protects business owners from...
Tax Glossary
What Is “ Late payment penalty ”?
A late payment penalty, officially known by the IRS as the “failure-to-pay penalty,” is a fee charged when you do...
Tax Glossary
What Is “Late filing penalty”?
What Is “Late filing penalty”? A late filing penalty, also known as the failure-to-file penalty, is a fee charged by...
Tax Glossary
What Is “IRS seizure”?
What Is an IRS Seizure? An IRS seizure is the legal process where the government physically takes and sells your...
Tax Glossary
What Is “IRS penalty”?
What Is an IRS Penalty? An IRS penalty is an additional fee charged by the Internal Revenue Service when a...
Tax Glossary
What Is “ IRS notice ”?
What Is an IRS Notice? An IRS notice is an official letter sent by the Internal Revenue Service to a...
Tax Glossary
What Is “ IRS letter ”?
What Is an IRS Letter? An IRS letter is a formal piece of correspondence sent by the Internal Revenue Service...
Tax Glossary
What Is “ IRS collection ”?
What Is IRS Collection? IRS collection is the multi-step process the government uses to gather unpaid taxes once a debt...
Tax Glossary
What Is “ IRS audit ”?
What Is an IRS Audit? An IRS audit is a formal review of an individual’s or business’s tax return and...