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.

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9 Glossary Terms Found.

Paid Preparer

This is an individual who is paid to prepare Tax Returns. A Paid Preparer is not necessarily also an ERO, but instead may work for an ERO.

Part-Year Resident

This is a person who lived in a particular state for only part of the year, and may have to file a state income tax return for that state if he or she lived there a specific amount of time and/or made a certain amount of income from a source in that state

Payment Voucher

A form used for a balance owing return indicating how much & where to make payment.

Personal Exemption

An exemption claimed for yourself and, if married filing jointly, for your spouse

Personal Identification Number (PIN)

Used by a Taxpayer and/or an ERO as a replacement to a signature in some cases. This number is not assigned by any agency, but rather is chosen by the person using the pin.

Pre-Ack Advance

A loan taken prior to the IRS Acknowledging the personal return, processed by a bank product with a bank application.

Prep Fees

These fees are the fees set by the ERO for completing a tax return. The prep fees will be sent to the ERO bank deposit information that was entered on the bank application during the EFIN application process. Each bank has a prep fee limit set and if the ERO goes above this fee limit it red flags the ERO’s EFIN and can result in their EFIN being suspended by that bank. Prep fees are usually paid upon funding unless the ERO is in any of the banks prep fee advance programs.

Preparer Tax Identification Number (PTIN)

Used by Preparers who are not working as a business entity, and therefore, do not have a separate FEIN, so that they do not have to share their Social Security Number with their Clients

Protection Plus

Protection Plus is an audit protection product that the ERO can offer to the taxpayer for purchase while preparing their tax return. The taxpayer will be able to pay for this product with funds from their tax return. *This fee is set by Protection Plus and cannot be adjusted, it can be added on to by the ERO.