Tax Court

Filed Under » ,
Dictionary Says

Definition of 'Tax Court'

A specialized court of law that hears and adjudicates tax-related disputes and issues. The tax court in the United States is a federal court established by Congress to provide a judicial forum where an entity could contest a tax deficiency determined by the Internal Revenue Service before paying the disputed amount. The Tax Court of Canada, a superior court established in 1983 that is independent of the Canada Revenue Agency and other departments of the Canadian government, hears tax-related cases in Canada.
Investopedia Says

Investopedia explains 'Tax Court'

Tax courts have the authority to provide rulings on a wide range of taxation subjects. The U.S. Tax Court hears cases relating to income, estate and gift tax; it also rules on tax disputes ranging from notices of deficiency and worker classification to reviews of collection actions. Most of the cases heard by the Tax Court of Canada are in connection with income tax, goods and services tax and employment insurance.

The U.S. Tax Court is located in Washington and has 19 members who are appointed by the President. A Tax Court case commences with the filing of a petition, for which a $60 filing fee must be paid. The case is heard by a single judge, and taxpayers may be represented either by themselves or by legal practitioners admitted to the bar of the Tax Court.

Sign Up For Term of the Day!

Try Our Stock Simulator!

Test your trading skills!

Related Definitions

  1. Audit

    1. An unbiased ...
  2. Formal Tax Legislation

    The process by ...
  3. Appeals Conference

    A conference ...
  4. First To File Rule

    A rule stating ...
  5. Tax Advisor

    A financial ...
  6. Writ

    A legal document ...
  7. Return

    The gain or loss ...
  8. Intaxification

    The feeling of ...
  9. Income Tax

    A tax that ...
  10. Generation-Skipping Transfer Tax - GSTT

    A tax incurred ...

Articles Of Interest

  1. Tax Court: Your Last Resort

    Appealing an unfavorable or unfair tax ruling may be your last chance to save your finances.
  2. How To Appeal Your IRS Audit

    The auditor's review isn't always the last word. Many taxpayers who are audited can successfully appeal their audits and save thousands of dollars.
  3. Unexpected 1099-R Form: What To Do

    Did your IRA custodian report distributions you thought were non-reportable? Find out what went wrong.
  4. Should You File An Early Tax Return?

    When it comes to filing your taxes, it can often pay to wait until the deadline.
  5. 10 Money-Saving Year-End Tax Tips

    Getting organized well before the deadline will curb your frustration and your tax liability.
  6. Tax Tips For The Individual Investor

    We give you seven guidelines to help you keep more of your money in your pocket.
  7. The Perks Of Dividend Reinvestment Plans

    These plans offer shareholders a way to directly invest in some of the top companies without the commissions.
  8. Capital Gains Tax 101

    Find out how taxes are applied to your investment returns and how you can reduce your tax burden.
  9. Tax Variations Of The HEART Act

    The HEART Act is designed to allow service members and reservists make a smooth financial transition into active duty and back into civilian life.
  10. The Link Between The Fed, Money, Debt And Taxes

    Assets on the Fed's balance sheet, money supply level, national debt level and economic production should be maintained in equilibrium.

comments powered by Disqus
Recommended
Loading, please wait...
Trading Center