Examlex
Cash receipts should never be deposited more than once a business day.
Understatement of Tax
The act of reporting less tax than is owed on one’s income tax return, either unintentionally or through deliberate omission.
Negligence
A failure to exercise reasonable care or diligence, resulting in harm or damage; in tax terms, it refers to the lack of care in complying with tax laws, potentially leading to penalties.
Automatic Extension
A provision that allows taxpayers additional time to file their tax returns without penalty.
Extension to File
An allowance by the IRS granting taxpayers additional time to file their income tax returns, beyond the April 15 deadline, without penalty for late filing.
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