Monday 11th of December 2017 12:16:54 AM

  • Glossary

    IRS – acronym that stands for Internal Revenue Service. This revenue service agency of United States Federal Government is the one responsible for the interpretation of and implementation of the Internal Revenue Code mainly the collection of taxes.

    TF – acronym that stands for Tax Foundation. TF is a nonpartisan tax research group based in Washigton D.C. Their goal is to monitor the taxes and spending policies of government agencies in the United States.

    TAS – acronym that stands for Taxpayer Advocate Service. TAS was formed under the Tax Bill of Rights 2, to help those US taxpayers who are currently experiencing economic harm in resolving their tax problems with the IRS.

    TIGTA – acronym that stands for Treasury Inspector General for Tax Administration. TIGTA provides an independent oversight in the activities of IRS through the means of audit, investigation and inspection in order to promote fair administration for the Federal tax system.

    OIC – acronym that stands for Offer in Compromise, an IRS tax debt settlement program allowing qualified US taxpayers to settle their tax debt by paying a lesser amount from the full amount they owed with the IRS.

    TAX LEVY – Administrative action by the IRS to seize property in order to satisfy a tax liability   without the need to go into the court.

    TAX LIEN – Legal claim security of the government for the tax debt. Tax lien may be imposed when the taxpayers failed to pay their income taxes, gift taxes or estate taxes.

    PROPERTY TAX – An imposed tax by the local government in realty properties following a fair market value.

    ESTATE  TAX – Also called “inheritance tax” is imposed by the federal government in the transferring of the taxable properties of a deceased person through an accomplished will, or the life insurance payments of benefit for its member’s beneficiary.

    EQUITY – having its generic term as “stocks” is generally defined as the ownership in any asset after all debts associated with it are paid off.

    FTC – acronym that stands for Federal Trade Commission is an independent agency of the US federal government that acts in the promotion of consumer protection and the elimination and prevention of anti-competitive business practices particularly coercive monopoly.

    NEXUS- is termed in tax law as the connection between a state and its potential taxpayer. Nexus defines the amount of business activity present before a state can tax an entity’s income. A taxpayer is bound to pay/remit taxes in a state where he has nexus.