Glossary · People and paperwork
Internal Revenue Service
In short
The U.S. government agency responsible for collecting taxes and enforcing tax laws. As a buyer, you'll interact with the IRS when reviewing the seller's tax returns and managing your own post-acquisition tax obligations.
What it means in a deal
Your lender will require IRS transcripts (Form 4506-T) for the seller's business and personal returns during underwriting to verify reported income. After acquisition, you'll be responsible for ongoing tax compliance. Understand the business's tax filing history and any past issues the seller had with the IRS.
Related terms
Common questions about Internal Revenue Service
- What if a lender's internal loan review discovers a potential eligibility issue post-closing?
- Can an SBA loan finance a partner buyout if we've only used an internal valuation?
- Can a lender accept contributed equity in the form of existing machinery valued by an internal appraisal?
- What are common reasons for significant delays in the SBA's *internal* review and authorization of a loan?
- What information on SBA Form 1919 must be consistent with the lender's internal credit memo and E-Tran?
- How long does the SBA's internal review and approval process take after the lender submits my complete application?
Defined by CapBench SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
Know what you'll need before you apply
Tell us about the deal and who's buying — we'll flag the guaranty, eligibility, and paperwork issues that slow SBA approval before they cost you time.
Free · No documents · Usually same-day
Backed by data on 1,000+ SBA lenders and 300,000+ funded deals. Your details go only to lending partners you ask to be matched with — never sold to advertisers.