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Definition
| A tax imposed on the value of property. The most common ad valorem tax is that imposed by states, counties, and cities on real estate. Ad valorem taxes can be imposed on personal property as well. |
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Term
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Definition
| An audit conducted by the IRS by mail. Typically, the IRS writes to the taxpayer requesting the verification of a particular deduction or exemption. The completion of a special form or the remittance of copies of records or other support is all that is requested of the taxpayer. |
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Term
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Definition
| A tax imposed on property transferred by the death of the owner. |
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Term
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Definition
| Employment taxes are those taxes that an employer must pay on account of its employees. Employment taxes include FICA and FUTA taxes. Employment taxes are paid to the IRS in addition to income tax withholdings at specified intervals. Such taxes can be levied on the employees, the employer, or both. |
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Term
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Definition
| A tax imposed on the right to transfer property by death. Thus, an estate tax is levied on the decedent's estate and not on the heir receiving the property. |
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