A mileage log is a company’s record of the mileage driven in each of their vehicles. The main reason why companies should have a mileage log is because of the possibility of an Internal Revenue Service (IRS) audit. According to the IRS, an...
taxation
millage
The tax rate on real estate, used to calculate property tax. Millage is one of the three primary factors in determining property tax levies, the others being fair market value and assessment ratio. Millage is applied and calculated in terms of mills...
money laundering
Money laundering refers to a financial transaction scheme that aims to conceal the identity, source, and destination of illicitly-obtained money. Given the many ways money laundering can be achieved, the regulation of money laundering by the...
non-profit organizations
A non-profit organization is a group organized for purposes other than generating profit and in which no part of the organization's income is distributed to its members, directors, or officers. Non-profit corporations are often termed "non-...
nonresident
According to 26 USC § 865(g)(1) “The term ‘nonresident’ means any person other than a United States resident.” A nonresident is any individual who does not primarily reside in one state or one country, but has an interest in it. The status of...
notice of deficiency
A notice of deficiency is a notice sent by a tax administrator to a taxpayer by mails if upon examination, the administrator determines that there is a deficiency of income tax in the taxpayer’s tax return. A notice of deficiency usually includes...
notice of tax lien
Notice of tax lien, often used in the context of federal tax, refers to a document released by Internal Revenue Service (IRS) in public records to notify that a taxpayer that she owes taxes, alerting the taxpayer’s creditors that the IRS has a claim...
offer in compromise
A phrase that refers to the act of making a settlement offer to the IRS to resolve a tax debt for some reduced portion of the full amount owed.
As there is no right to having one’s debt settled for a lesser amount, discretion in granting or...
offshore corporation
An offshore corporation, or offshore company, is a company that is chartered under the laws of a country other than the U.S. These offshore jurisdictions, like the British Virgin Islands or the Cayman Islands, have special offshore company...
omission
Omission is refraining from acting or disclosing, see Brown v. Standard Casket Mfg. Co..
It can be used in various situations:
"Failure to disclose the origin of a recording” in criminal law is defined as following: “...