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3 Cards in this Set
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- Back
- 3rd side (hint)
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ERO |
electronic return originator (ERO)An individual, typically a tax accountant or tax preparer, who is authorized by the United States Internal Revenue Service to prepare and transmit tax returns for people and companies electronically. An electronic return originator may charge for transmission services, and may or may not be the preparer of transmitted tax returns. |
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RAL |
refund anticipation loan (RAL)A loan that is guaranteed by a tax payer's expected tax return. It is short term in nature and it helps individuals, especially low income earners, to access cash in time instead of having to wait a long time for their tax refund. This type of loan has a higher interest rate than more common types. |
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Failures under Section 6695 include the following: |
Failure to furnish a copy of return to taxpayerFailure to sign returnFailure to furnish identifying numberFailure to retain copy or listFailure to file correct information returns |
5 Failures |
