A formal notice issued by the IRS after an audit indicating that a proposed deficiency will be assessed unless the taxpayer files a petition with the U.S. Tax Court within a specified time.
An ad valorem tax is a tax based on the assessed value of an item, such as real estate or personal property. The term 'ad valorem' is Latin for 'according to value.'
Assessed valuation refers to the dollar value assigned to a property by a municipality for the purpose of assessing property taxes. The property tax is calculated based on the number of mills per dollar of assessed valuation.
The charge that may be assessed to corporation tax on the disposal of an asset when the proceeds realized on the sale of the asset exceed the written-down value for tax purposes.
The current-year basis is an accounting principle used for tax assessment in the UK, wherein profits are taxed in a fiscal year based on the profits arising in the accounts for the period ending within that same tax year.
An estimated assessment is a tax assessment raised by HM Revenue based on estimated profits or income of a taxpayer, often derived from the previous period's assessment.
HM Revenue and Customs (HMRC) is the UK government department responsible for the care, management, and collection of direct and indirect taxes, National Insurance contributions, and customs and excise duties within the UK. It was established from a merger of the Board of Inland Revenue and the Board of Customs and Excise in April 2005.
A homestead exemption is a legal provision that reduces the taxable value of a homeowner's primary residence, effectively decreasing the property tax burden.
The millage rate is the tax rate applied to property, where each mill represents $1 of tax assessment per $1,000 of assessed property value.
A tax assessment is a schedule issued by HM Revenue and Customs (HMRC) showing a calculation of a taxpayer's liability to income tax. Income sources are identified separately, and individuals could receive multiple tax assessments for each fiscal year, depending on the number of different income sources.
Tax Commissioners are officials responsible for overseeing tax assessments, collections, and tax-related legal matters within a designated area. They often play a crucial role in interpreting tax laws and policy application.
A tax district, also known as a central assessment district, is a special area established by local government regions or authorities to delineate boundaries within which property taxes are assessed and collected based on common valuation metrics.
The Year of Assessment (YA) is the calendar year in which income for the preceding year, referred to as the 'basis year,' is assessed for tax purposes. It is a crucial concept in understanding the tax cycle and filing deadlines.
