The Failure to File Penalty is 5% of the unpaid tax, and the interest rate is the federal short-term rate plus 3%. Actions against You: The IRS can put a freeze on your bank account as well as drain it to pay the bill. If you have property, then they can place a tax lien on your property.
word noun (LANGUAGE UNIT) A1 [ C ] a single unit of language that has meaning and can be spoken or written: Your essay should be no more than two thousand words long. Some words are more difficult to spell than others.
Definition of term for English Language Learners. : 1  a word or phrase that has an exact meaning. 2  terms : the particular kinds of words used to describe someone or something. : 3  the length of time during which a person has an official or political office.