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Accounting Specialties - Crossword

By: Christine Harrison EA
Horizontales
A financial penalty imposed on taxpayers for failing to comply with tax laws or deadlines.
A corrected tax return filed to update information or correct errors from a previous filing.
The electronic submission of tax returns to the IRS, often faster and more secure than paper filing.
A cost incurred in the operation of a business that can be deducted from income for tax purposes.
The profit earned from the sale of an asset like stocks or real estate, subject to specific tax rates.
Also known as a profit and loss statement, it summarizes a business's revenues, costs, and expenses over a specific period, showing its profitability.
An official examination of financial records and tax returns by the IRS to verify accuracy.
Abbreviation for the United States Internal Revenue Service, responsible for collecting federal taxes.
A status that allows certain organizations to be exempt from paying federal income tax.
The systematic recording and organizing of financial transactions in a business.
Verticales
The total amount of tax a taxpayer owes to the government.
This is the total income generated by a business from its primary operations, such as sales of products or services.
Money returned to a taxpayer when their tax payments exceed their tax liability.
Profit is what remains after subtracting expenses from revenue. It's a key indicator of a business's financial health.
Cash flow represents the movement of money in and out of a business. Positive cash flow is crucial for maintaining operations.
Negative income or expenses that can be used to offset taxable income in certain situations.
The gradual allocation of the cost of a tangible asset over its useful life for tax purposes.
An amount that can be subtracted from your income to reduce taxable income.
The illegal act of deliberately underreporting income or inflating deductions to reduce tax liability.
Financial incentives that directly reduce the amount of tax owed.