At-risk rules are tax laws designed to limit the amount of tax losses an investor can claim from certain industries, including oil and gas, movie production, farming, and real estate. These rules ensure that losses are deductible only to the extent of money the equity investor stands to lose.
Enrolled Agents (EAs) in the United States are individuals recognized by the Treasury Department as credentialed tax professionals who are authorized to represent taxpayers before the Internal Revenue Service (IRS).
An income tax preparer is a professional who prepares for compensation, or who employs or engages one or more persons to prepare for compensation, all or a substantial portion of any income tax return under the tax laws or any claim for refund of income tax.
Changes in the tax laws designed to ensure that there is no net change in the total amount of revenue the government collects.
A Revenue Procedure is an official published statement by the Internal Revenue Service (IRS) detailing procedural and administrative matters pertaining to the tax laws. Initial publications appear in the Internal Revenue Bulletin and are later transferred to the Cumulative Bulletin.
Tax accounting is an accounting specialization focusing on tax preparation, compliance, and planning. It involves the application of accounting principles to adhere to tax laws and accurately report tax-related information.
An informal name for an Inspector of Taxes, who ensures compliance with tax laws and regulations.
Under-reporting is the improper failure to report accurate income on a tax return, leading to potential legal and financial consequences.
