Distinguished from employees, independent contractors are entities hired by employers to accomplish certain tasks but do not have the right of control over those entities. Independent contractors tend to have specialized skills or knowledge...
tax
Individual Taxpayer Identification Number (ITIN)
An Individual Taxpayer Identification Number (ITIN) is a unique nine-digit number (beginning with the number nine, 9XX-XX-XXXX) assigned to persons who are foreign nationals or who are not eligible to obtain a Social Security number (SSN) (...
inheritance tax
An inheritance tax–also sometimes referred to as a legacy or succession tax–is a state tax that must be paid by a person who receives property from the estate of a decedent, either through a will or intestate succession. Unlike an...
innocent spouse rule
The innocent spouse rule is one of three types of relief offered by the Internal Revenue Service (IRS) from the joint and several liability of a joint tax return. The rule provides for relief from responsibility for paying tax,...
installment agreement
Installment agreement allows a taxpayer to pay the unpaid federal taxes to the Internal Revenue Service (IRS) on a monthly basis. The authority to enter into an installment agreement is statutorily defined in the Internal Revenue...
installment sale
An installment sale, according to Publication 537 from the Internal Revenue Service (IRS), is a property sale where the seller receives “at least one payment after the tax year of the sale.” Installment sales are governed by section...
intent to levy
Intent to levy is a notice sent by the Internal Revenue Service (IRS) to a person who is greatly behind in tax payments and warns that the IRS plans to seize assets of that person to cover the taxes. A person has 30 days to either pay the...
Internal Revenue Code
The Internal Revenue Code or, as referred to by tax practitioners, “The Code” is a compilation of Federal statutes pertaining to taxes that are imposed by the federal government compiled into Title 26 of the United States Code.
...Internal Revenue Code (IRC)
The Internal Revenue Code (IRC) is the domestic portion of federal statutory tax law in the United States, and is under Title 26 of the United States Code (USC). The IRC has 11 subtitles, including income taxes, employment taxes, coal...
Internal Revenue Service (IRS)
The Internal Revenue Service (IRS) is the tax administrator and collector of the United States of America. It’s a bureau of the Department of the Treasury.
In July of 1862, Congress established the Office...