Glossary of Terms
Glossary is usually defined as an alphabetical list of technical terms in some specialized field of knowledge. This knowledge base glossary provides a collection of knowledge base documents that define many technical terms. These terms are arranged alphabetically, but you can quickly jump to a specific term by selecting its first letter from the index of the knowledge base glossary below.
6 Glossary Terms Found.
Bank
This is the "Bank" the ERO has chosen to process their bank products related to Tax Returns. This is independent of a Taxpayers bank where a direct deposit might be made or the bank where the ERO conduct normal bank business
Bank Application
Additional form added to a personal return that tells the bank where to distribute the funds released by the IRS. This is the only way for an ERO to collect fees from the refund.
Bank Fees (Also known as a Handling Fee)
The Bank fees are fees that the bank charges for using their service. This is a fee that cannot be adjusted. There are bank fees for a Federal tax return as well as an extra bank fee for state tax returns.
*This fee is added to every tax return that has a bank product and is taken by each bank upon IRS funding.*
*These fees are decided by each bank.
Bank Product
A loan product purchased from the Bank enabling the Taxpayer to receive their tax refund earlier than would be provided by the IRS.
Basis
The Basis is the amount of the taxpayer’s monetary investment for tax purposes in real or personal property used for business. The Basis is normally cost, however it could be different depending on how and when the property was purchased, and if the property is used for both business and personal purposes. Basis is used to determine the amount of expense available for the current year from depreciation (regular and special) and Section 179, and to calculate a taxable gain or loss on the sale or other disposition of the property.
Bulletins
Messages received from Central Site during communications containing important, recently released information for all Tax Preparers.