Acronyms - TERM IRS A current listing of abbreviations/acronyms can now be found on the MITS web site. The abbreviations/acronyms…
Withholding ("pay-as-you-earn" taxation) Money, for example, that employers withhold from employees paychecks. This money is deposited for the government. (It…
Volunteer Income Tax Assistance (VITA) This provides free income tax return preparation for certain taxpayers. The VITA program assists taxpayers…
Voluntary Compliance A system of compliance that relies on individual citizens to report their income freely and voluntarily, calculate their…
Vertical Equity The concept that people in different income groups should pay different rates of taxes or different percentages of…
Underground Economy Money-making activities that people don't report to the government, including both illegal and legal activities.