jeopardy assessment
- 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
- The Internal Revenue Service instituted a jeopardy assessment after they discovered potential threats to collecting the tax money owed by a large corporation.
- If the IRS suspects that a taxpayer may flee the country with large tax debts unpaid, a jeopardy assessment may be issued.
- A taxpayer who hides assets or transfers them to evade paying taxes might trigger a jeopardy assessment.
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