jeopardy assessment

Definition of "jeopardy assessment"
  1. An urgent, immediate tax assessment enacted under federal law when the Internal Revenue Service (IRS) believes waiting may threaten the ability to collect the outstanding tax debt
How to use "jeopardy assessment" in a sentence
  1. The Internal Revenue Service instituted a jeopardy assessment after they discovered potential threats to collecting the tax money owed by a large corporation.
  2. If the IRS suspects that a taxpayer may flee the country with large tax debts unpaid, a jeopardy assessment may be issued.
  3. A taxpayer who hides assets or transfers them to evade paying taxes might trigger a jeopardy assessment.

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