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The Internal Revenue Service loves short phrases to describe certain aspects in Income Tax Administration. Usually there is a negative connotation but not always. Practitioners and IRS Agents use these terms all the time - this is a listing for reference: Internal Revenue Service (IRS) - the name of the organization that strikes fear into many taxpayers! Internal Revenue Bulletin (IRB) - Criminal Investigation Division (CID) - branch within the IRS the goes after criminal activity. In July 1978 the word "division" was officially dropped from the phrase.. Code and Regs - the income tax law and the administrative regulations to follow in complying with the law Allowed or Allowable - depreciation is mandatory, whereas the deduction taken for depreciation is elective or optional at the taxpayer level. Therefore when computing the tax basis of depreciable property, the tax basis is lowered by the appropriate total amount of deprecation that was allowed as a deduction or was allowable as a deduction, whether it was deducted or not does not particularly matter. Social Security Number (SSN) - the 9-digit number issued to individuals born in the USA. Format XXX-XX-XXXX Employer Identification Number (EIN) - the 9-digit number issued to employers in the USA. Format XX-XXXXXXX. Basically the same as the TIN Taxpayer Identification Number (TIN) - the 9-digit number issued to entities in the USA. Format XX-XXXXXXX. Basically the same as the EIN Preparer Taxpayer Identification Number (PTIN) - the 9-character number issued to paid tax return preparers. Format PXXXXXXXX. Electronic Filing Identification Number (EFIN) - the number to those who have been approved as authorized IRS e-file providers. Electronic Return Originator (ERO) - the Transmitter Control Code (TCC) - the Centralized Authorization File (CAF) - the Tax Information Authorization (TIA) - Form 8821 Power of Attorney (POA) - a Declaration of Representative - Form 2848; Employee Benefit Plan - a Doctrine of Election - Code Section 7805(d) Duty of Consistency - a Secure Object Repository (SOR) - an electronic mailbox mainained on the website www.irs.gov to deliver documents to tax practitioners. This was in common use until October 17, 2011. Transcript Delivery System (TDS) - method the IRS electronically provides transcripts of taxpayer activity to the taxpayers or to their representatives. |
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October 10, 2011 TraderStatus™, TradersTaxPlan™, TradersAdvantage™, TraderStatus.com™, TradersTaxPlan.com™, TradersAdvantage.com™, DoYourOwnDaytraderTaxes™, DoYourOwnTaxes™, DoingYourOwnTaxes™, DoYourOwnDaytraderTaxes.com™, DoYourOwnTaxes.com™, DoingYourOwnTaxes.com™, DoYourTaxesOnline™, DoYourOwnTaxesOnline™, DoYourTaxesOnline.com™, and DoYourOwnTaxesOnline.com™ are trademarks and service marks of Colin M. Cody, CPA and TraderStatus.com, LLC, Trumbull Connecticut Copyright© 2011 Colin M. Cody, CPA and TraderStatus.com, LLC, All Rights Reserved |