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Tax Terms and Glossary: R

Reasonable Cause – A reasonable cause is an IRS approved excuse for a taxpayer to be unable to pay or file their taxes in time. The IRS will abate a taxpayer’s penalty and interest if reasonable cause can be proven; reasonable cause is subject to each individual’s financial facts and circumstances.
Reasonable Collection Potential – The total value of your assets any future income, is your reasonable collection potential. The amount is used to calculate your offer, and eligibility for an Offer in Compromise.
Reconsideration – At the discretion of the IR, an audit can be reopened if the taxpayers had poor representation, or new evidence and documentation is available that was not available at the time of the audit.
Refund – If you overpay, or the IRS withholds more taxes than you have to pay, the IRS will issue a refund.
Refund Statute Expiration Date – When the time to claim a tax refund expires. The IRS gives taxpayers three years from the date that the return is filed, or two years from the time which the tax is paid, whichever is later. If you did not file a return, the overpayment must be claimed within two years from the date that the tax was paid.
Request for a Collection Due Process Hearing – A request to appeal an IRS Notice of Federal Tax lien, or Notice of Intent to Levy by filing IRS form 12153 within 30 days of receiving the notice. In the request you must give your reason for the appeal, and an alternative solution to satisfying the debt.
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