Punitive Damages
Punitive damages are damages exceeding regular compensation for loss that are imposed as a punishment.
Archives: Glossary Terms
Collection Statute Expiration Date
The Collection Statute Expatriation Date, commonly referred to as the CSED date, is the date in which a […]
Failure to Pay Penalty
A Failure to Pay Penalty is assessed on tax debts that are not paid off. The penalty grows […]
IRS Revenue Officer
This typically refers to an IRS agent that handles high dollar IRS collection cases, usually with balances over […]
Final Notice of Intent to Levy
The last notice sent before the IRS issues levies, garnishments, and liens.
Federal Tax Lien
A lien placed by the IRS on real estate, vehicles, credit reports, and any other property. The lien […]
Automated Collection System
IRS department that handles most collections for debts under $250,000. Commonly referred to as ACS, this system automatically […]
Accuracy Penalty
A penalty assessed by the IRS or State tax authorities for an audit resulting in an amount due […]
CP 2000 Notice
A notice the IRS issues when it finds additional unreported income on a tax year. Typically issued when […]