Business Tax Debt Glossary — IRS Terms & Definitions
Complete glossary of IRS enforcement, business tax debt, and tax financing terms. 941 payroll tax, TFRP, federal tax lien, bank levy, OIC, and more — defined by a CPA.
96 terms defined
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Reviewed by CPAs & Enrolled Agents
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Bankruptcy and Business Tax Debt — What Discharges and What Does Not — Definition | Tax Funds Glossary
IRS definition of Bankruptcy and Business Tax Debt — What Discharges and What Does…
Business Dissolution With Outstanding Tax Debt — Definition | Tax Funds Glossary
IRS definition of Business Dissolution With Outstanding Tax Debt as it applies to business…
Business Entity Conversion and Tax Debt Transfer — Definition | Tax Funds Glossary
IRS definition of Business Entity Conversion and Tax Debt Transfer as it applies to…
C
Certificate of Discharge of Property from Federal Tax Lien — Definition | Tax Funds Glossary
Definition of Certificate of Discharge of Property from Federal Tax Lien as it applies…
Certificate of Non-Attachment — When the IRS Lien Does Not Apply — Definition | Tax Funds Glossary
IRS definition of Certificate of Non-Attachment — When the IRS Lien Does Not Apply…
Certificate of Release of Federal Tax Lien — Definition | Tax Funds Glossary
Definition of Certificate of Release of Federal Tax Lien as it applies to business…
Collection Due Process (CDP) Hearing — Definition | Tax Funds Glossary
Definition of Collection Due Process (CDP) Hearing as it applies to business tax debt,…
Collections Statute Expiration Date (CSED) — Definition | Tax Funds Glossary
Definition of Collections Statute Expiration Date (CSED) as it applies to business tax debt,…
CSED Tolling — Events That Extend the IRS Collection Window — Definition | Tax Funds Glossary
IRS definition of CSED Tolling — Events That Extend the IRS Collection Window as…
Currently Not Collectible — Business Tax Debt Applications — Definition | Tax Funds Glossary
IRS definition of Currently Not Collectible — Business Tax Debt Applications as it applies…
Currently Not Collectible (CNC) Status — Definition | Tax Funds Glossary
Definition of Currently Not Collectible (CNC) Status as it applies to business tax debt,…
E
Employee Retention Credit (ERC) — Status and IRS Enforcement — Definition | Tax Funds Glossary
IRS definition of Employee Retention Credit (ERC) — Status and IRS Enforcement as it…
Enrolled Agent (EA) — IRS Tax Representation Authority — Definition | Tax Funds Glossary
IRS definition of Enrolled Agent (EA) — IRS Tax Representation Authority as it applies…
Estate Tax Implications for Business Owners With Tax Debt — Definition | Tax Funds Glossary
IRS definition of Estate Tax Implications for Business Owners With Tax Debt as it…
F
Federal Tax Lien (Notice of Federal Tax Lien) — Definition | Tax Funds Glossary
Definition of Federal Tax Lien (Notice of Federal Tax Lien) as it applies to…
Federal Tax Lien Priority — How Lenders Are Affected — Definition | Tax Funds Glossary
IRS definition of Federal Tax Lien Priority — How Lenders Are Affected as it…
I
Innocent Spouse Relief — IRS Tax Debt Protection for Spouses — Definition | Tax Funds Glossary
IRS definition of Innocent Spouse Relief — IRS Tax Debt Protection for Spouses as…
IRS 941 Lookback Period — Determining Your Deposit Schedule — Definition | Tax Funds Glossary
IRS definition of IRS 941 Lookback Period — Determining Your Deposit Schedule as it…
IRS Account Transcript — What Businesses Need to Know — Definition | Tax Funds Glossary
IRS definition of IRS Account Transcript — What Businesses Need to Know as it…
IRS and Treasury Offset Program — Tax Refund Seizure — Definition | Tax Funds Glossary
IRS definition of IRS and Treasury Offset Program — Tax Refund Seizure as it…
IRS Asset Seizure — Business Property and Real Estate — Definition | Tax Funds Glossary
IRS definition of IRS Asset Seizure — Business Property and Real Estate as it…
IRS Audit Reconsideration — Definition | Tax Funds Glossary
Definition of IRS Audit Reconsideration as it applies to business tax debt, IRS enforcement,…
IRS Audit Statute of Limitations — 3-Year, 6-Year, and No Limit — Definition | Tax Funds Glossary
IRS definition of IRS Audit Statute of Limitations — 3-Year, 6-Year, and No Limit…
IRS Automated Collection System (ACS) — Definition | Tax Funds Glossary
Definition of IRS Automated Collection System (ACS) as it applies to business tax debt,…
IRS Bank Levy — Definition | Tax Funds Glossary
Definition of IRS Bank Levy as it applies to business tax debt, IRS enforcement,…
IRS Bulk Sales Notice — Business Purchase with Tax Liability — Definition | Tax Funds Glossary
IRS definition of IRS Bulk Sales Notice — Business Purchase with Tax Liability as…
IRS Collection Appeals Program (CAP) — Definition | Tax Funds Glossary
Definition of IRS Collection Appeals Program (CAP) as it applies to business tax debt,…
IRS Collection Statute of Limitations (10-Year Rule) — Definition | Tax Funds Glossary
Definition of IRS Collection Statute of Limitations (10-Year Rule) as it applies to business…
IRS CP2000 Notice (Underreporter Inquiry) — Definition | Tax Funds Glossary
Definition of IRS CP2000 Notice (Underreporter Inquiry) as it applies to business tax debt,…
IRS CP90 (Final Notice of Intent to Levy) — Definition | Tax Funds Glossary
Definition of IRS CP90 (Final Notice of Intent to Levy) as it applies to…
IRS Direct Debit Installment Agreement (DDIA) — Definition | Tax Funds Glossary
IRS definition of IRS Direct Debit Installment Agreement (DDIA) as it applies to business…
IRS Equivalent Hearing — Late CDP Alternative — Definition | Tax Funds Glossary
IRS definition of IRS Equivalent Hearing — Late CDP Alternative as it applies to…
IRS Examination Protest — Disputing an Audit Finding — Definition | Tax Funds Glossary
IRS definition of IRS Examination Protest — Disputing an Audit Finding as it applies…
IRS Failure to Deposit Penalty (941 Payroll Tax) — Definition | Tax Funds Glossary
Definition of IRS Failure to Deposit Penalty (941 Payroll Tax) as it applies to…
IRS Financial Update Requirements During Collection — Definition | Tax Funds Glossary
IRS definition of IRS Financial Update Requirements During Collection as it applies to business…
IRS Form 12153 (Request for CDP Hearing) — Definition | Tax Funds Glossary
Definition of IRS Form 12153 (Request for CDP Hearing) as it applies to business…
IRS Form 2751 (Proposed Assessment of TFRP) — Definition | Tax Funds Glossary
IRS definition of IRS Form 2751 (Proposed Assessment of TFRP) as it applies to…
IRS Form 2848 — Power of Attorney and Tax Representation — Definition | Tax Funds Glossary
IRS definition of IRS Form 2848 — Power of Attorney and Tax Representation as…
IRS Form 4180 — TFRP Interview and Responsible Person Investigation — Definition | Tax Funds Glossary
IRS definition of IRS Form 4180 — TFRP Interview and Responsible Person Investigation as…
IRS Form 433-A — Individual Collection Information Statement — Definition | Tax Funds Glossary
IRS definition of IRS Form 433-A — Individual Collection Information Statement as it applies…
IRS Form 433-B — Business Collection Information Statement — Definition | Tax Funds Glossary
IRS definition of IRS Form 433-B — Business Collection Information Statement as it applies…
IRS Form 668-A (Notice of Levy on Bank Accounts) — Definition | Tax Funds Glossary
IRS definition of IRS Form 668-A (Notice of Levy on Bank Accounts) as it…
IRS Form 668-W (Notice of Levy on Wages, Salary, and Other Income) — Definition | Tax Funds Glossary
Definition of IRS Form 668-W (Notice of Levy on Wages, Salary, and Other Income)…
IRS Form 8821 — Tax Information Authorization — Definition | Tax Funds Glossary
IRS definition of IRS Form 8821 — Tax Information Authorization as it applies to…
IRS Form 940 (FUTA — Federal Unemployment Tax) — Definition | Tax Funds Glossary
IRS definition of IRS Form 940 (FUTA — Federal Unemployment Tax) as it applies…
IRS Form 941 (Quarterly Payroll Tax Return) — Definition | Tax Funds Glossary
Definition of IRS Form 941 (Quarterly Payroll Tax Return) as it applies to business…
IRS Form 941 Filing Requirements — Definition | Tax Funds Glossary
IRS definition of IRS Form 941 Filing Requirements as it applies to business tax…
IRS Form 944 (Annual Employment Tax Return) — Definition | Tax Funds Glossary
IRS definition of IRS Form 944 (Annual Employment Tax Return) as it applies to…
IRS Fresh Start Program — Definition | Tax Funds Glossary
Definition of IRS Fresh Start Program as it applies to business tax debt, IRS…
IRS Hardship Deferral — Temporary Relief for Businesses — Definition | Tax Funds Glossary
IRS definition of IRS Hardship Deferral — Temporary Relief for Businesses as it applies…
IRS Installment Agreement — Definition | Tax Funds Glossary
Definition of IRS Installment Agreement as it applies to business tax debt, IRS enforcement,…
IRS Installment Agreement Default — Consequences and Reinstatement — Definition | Tax Funds Glossary
IRS definition of IRS Installment Agreement Default — Consequences and Reinstatement as it applies…
IRS Levy Appeal Procedures — CAP and CDP Options — Definition | Tax Funds Glossary
IRS definition of IRS Levy Appeal Procedures — CAP and CDP Options as it…
IRS Levy Exemptions — What the IRS Cannot Seize — Definition | Tax Funds Glossary
IRS definition of IRS Levy Exemptions — What the IRS Cannot Seize as it…
IRS Levy Release — Definition | Tax Funds Glossary
Definition of IRS Levy Release as it applies to business tax debt, IRS enforcement,…
IRS National and Local Standards — Expense Allowances in Collection — Definition | Tax Funds Glossary
IRS definition of IRS National and Local Standards — Expense Allowances in Collection as…
IRS Notice CP503 (Second Notice — Unpaid Balance) — Definition | Tax Funds Glossary
IRS definition of IRS Notice CP503 (Second Notice — Unpaid Balance) as it applies…
IRS Notice CP504 (Final Notice Before Levy) — Definition | Tax Funds Glossary
IRS definition of IRS Notice CP504 (Final Notice Before Levy) as it applies to…
IRS Offer in Compromise Rejection — What Happens Next — Definition | Tax Funds Glossary
IRS definition of IRS Offer in Compromise Rejection — What Happens Next as it…
IRS Office of Appeals — The Independent Review Alternative — Definition | Tax Funds Glossary
IRS definition of IRS Office of Appeals — The Independent Review Alternative as it…
IRS Payment Allocation Rules — Trust Fund vs. Non-Trust Fund — Definition | Tax Funds Glossary
IRS definition of IRS Payment Allocation Rules — Trust Fund vs. Non-Trust Fund as…
IRS Payroll Tax Deposit Methods — EFTPS Requirements — Definition | Tax Funds Glossary
IRS definition of IRS Payroll Tax Deposit Methods — EFTPS Requirements as it applies…
IRS Penalty Abatement — Definition | Tax Funds Glossary
Definition of IRS Penalty Abatement as it applies to business tax debt, IRS enforcement,…
IRS Penalty Relief Programs — Reasonable Cause and Special Provisions — Definition | Tax Funds Glossary
IRS definition of IRS Penalty Relief Programs — Reasonable Cause and Special Provisions as…
IRS Private Debt Collection — What Businesses Need to Know — Definition | Tax Funds Glossary
IRS definition of IRS Private Debt Collection — What Businesses Need to Know as…
IRS Revenue Officer — Definition | Tax Funds Glossary
Definition of IRS Revenue Officer as it applies to business tax debt, IRS enforcement,…
IRS Streamlined Filing Compliance Procedures — Definition | Tax Funds Glossary
IRS definition of IRS Streamlined Filing Compliance Procedures as it applies to business tax…
IRS Tax Clearance — Government Contract Compliance — Definition | Tax Funds Glossary
IRS definition of IRS Tax Clearance — Government Contract Compliance as it applies to…
IRS Tax Lien Foreclosure — The Nuclear Option — Definition | Tax Funds Glossary
IRS definition of IRS Tax Lien Foreclosure — The Nuclear Option as it applies…
IRS Technical Advice Memorandum — Business Tax Guidance — Definition | Tax Funds Glossary
IRS definition of IRS Technical Advice Memorandum — Business Tax Guidance as it applies…
IRS Wage Garnishment (Business Owner) — Definition | Tax Funds Glossary
Definition of IRS Wage Garnishment (Business Owner) as it applies to business tax debt,…
IRS Worker Classification — Employee vs. Independent Contractor — Definition | Tax Funds Glossary
IRS definition of IRS Worker Classification — Employee vs. Independent Contractor as it applies…
O
P
Payroll Tax Deposit Schedule (941 Deposits) — Definition | Tax Funds Glossary
Definition of Payroll Tax Deposit Schedule (941 Deposits) as it applies to business tax…
Payroll Tax Pyramiding — The Escalating 941 Debt Crisis — Definition | Tax Funds Glossary
IRS definition of Payroll Tax Pyramiding — The Escalating 941 Debt Crisis as it…
PEO (Professional Employer Organization) and Payroll Tax Liability — Definition | Tax Funds Glossary
IRS definition of PEO (Professional Employer Organization) and Payroll Tax Liability as it applies…
S
S-Corporation Payroll Tax Obligations — Owner Salary Requirements — Definition | Tax Funds Glossary
IRS definition of S-Corporation Payroll Tax Obligations — Owner Salary Requirements as it applies…
Sales Tax Nexus — Multi-State Compliance for Businesses — Definition | Tax Funds Glossary
IRS definition of Sales Tax Nexus — Multi-State Compliance for Businesses as it applies…
SBA Loan Eligibility and Tax Compliance Requirements — Definition | Tax Funds Glossary
IRS definition of SBA Loan Eligibility and Tax Compliance Requirements as it applies to…
State Business Tax Lien — Definition | Tax Funds Glossary
Definition of State Business Tax Lien as it applies to business tax debt, IRS…
State Tax Lien vs. Federal Tax Lien — Priority and Resolution — Definition | Tax Funds Glossary
IRS definition of State Tax Lien vs. Federal Tax Lien — Priority and Resolution…
T
Tax Debt Financing (Business Tax Payoff Loan) — Definition | Tax Funds Glossary
Definition of Tax Debt Financing (Business Tax Payoff Loan) as it applies to business…
Tax Lien Subordination (Certificate of Subordination) — Definition | Tax Funds Glossary
Definition of Tax Lien Subordination (Certificate of Subordination) as it applies to business tax…
Trust Fund Recovery Penalty (TFRP) — Definition | Tax Funds Glossary
Definition of Trust Fund Recovery Penalty (TFRP) as it applies to business tax debt,…
Trust Fund Taxes (941 Payroll) — Definition | Tax Funds Glossary
Definition of Trust Fund Taxes (941 Payroll) as it applies to business tax debt,…
Types of IRS Audits — Correspondence, Office, and Field Examinations — Definition | Tax Funds Glossary
IRS definition of Types of IRS Audits — Correspondence, Office, and Field Examinations as…
W
Why Traditional Banks Reject Businesses With Tax Debt — Definition | Tax Funds Glossary
IRS definition of Why Traditional Banks Reject Businesses With Tax Debt as it applies…
Willfulness (IRS TFRP Standard) — Definition | Tax Funds Glossary
Definition of Willfulness (IRS TFRP Standard) as it applies to business tax debt, IRS…
Withdrawal of Notice of Federal Tax Lien — Definition | Tax Funds Glossary
Definition of Withdrawal of Notice of Federal Tax Lien as it applies to business…
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