IRS Penalties

Frivolous Position
A frivolous tax position is one that is knowingly advanced in bad faith and is patently improper, often with the intent to delay or avoid tax obligations without any legitimate basis.
Unreported Income
Unreported income refers to the improper failure to include certain income on a tax return. This can have significant legal repercussions, including penalties, interest, and criminal charges.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.