Glossary

Bank Levy Lien

What is a Bank Levy Lien and How Does it Work?

A bank levy lien is a legal order from a tax authority, such as the IRS or a state tax agency, to a bank or financial institution. The order directs the bank to freeze your funds and transfer them to the tax authority to satisfy an unpaid tax debt. It’s a way for the government to collect taxes you owe directly from your bank account.

Glossary Article

Recommended for You

Workforce Solar Electrification Equity Incentive Credit

The Workforce Solar Electrification Equity Incentive Credit is a tax credit aimed at promoting equity in workforce electrification within the solar energy sector.

CP236 Penalty for Incorrect IRA Rollovers

The CP236 is a notice issued by the IRS highlighting penalties for incorrect IRA rollovers. Understanding its implications is crucial for maintaining tax compliance.

Multi-Owner Property Tax Liens

Multi-Owner Property Tax Liens involve tax obligations on properties owned by multiple parties, impacting financial decisions and compliance requirements.

Tax Lien Statutes

Tax Lien Statutes serve as legal provisions enabling tax authorities to claim a lien on a taxpayer's property for unpaid taxes. These statutes outline the procedures and obligations for both the government and taxpayers.

Carbon Emissions Audit Fees Deduction

Explore how businesses can potentially deduct carbon emissions audit fees. Understand its role in compliance and financial management.

Mileage for Medical Appointments Deduction

The Mileage for Medical Appointments Deduction allows taxpayers to deduct transportation costs for medical visits, thereby potentially lowering taxable income.

CP504 Notice – Notice of Intent to Levy

A CP504 Notice is a formal notification from the IRS that they intend to levy your property or assets to pay off unpaid taxes. It's a serious warning that requires prompt action.

Form 8883 – Asset Allocation Statement Under Section 338

Form 8883 is used to report the allocation of purchase price when a business is acquired under Section 338 of the tax code. This allocation is crucial for determining future tax liabilities.

CP211H Penalty for Incorrect Foreign Income Reporting

The CP211H Penalty is a consequence imposed by the IRS for incorrect foreign income reporting. It emphasizes compliance in reporting foreign income accurately.

Tools for Advanced Renewable Energy Tracking Deduction

Learn about advanced tools for tracking renewable energy deductions, ensuring compliance, and optimizing tax benefits related to sustainable energy initiatives.

Form 673 – Statement for Claiming Benefits Provided by Section 911 of the Internal Revenue Code

Form 673 is an important document for US citizens and residents living abroad, helping them claim tax benefits under Section 911 of the Internal Revenue Code. This form is used to show you meet the requirements to exclude some of your foreign-earned income from U.S. taxes.

CP75 Notice

A CP75 notice is a letter from the IRS requesting more information to verify your tax return. It's not an audit but requires a prompt response.

Solar Agriculture Systems Tax Credit

The Solar Agriculture Systems Tax Credit incentivizes farmers to adopt solar power, enhancing sustainability while providing financial benefits through tax reduction.

Relief for Incorrect Reporting of Royalties

Relief for Incorrect Reporting of Royalties provides tax remedies for errors or omissions in royalty income submissions. It ensures compliance and minimizes penalties.

High-Speed Internet for Business Premises Deduction

The High-Speed Internet for Business Premises Deduction allows businesses to reduce taxable income by deducting the cost of high-speed internet services necessary for operations.

Expenses for Upgrading Employee Facilities Deduction

Explore the tax deduction benefits and compliance requirements related to expenses incurred in upgrading employee facilities, enhancing workplace efficiency and employee satisfaction.

Form 1095-C – Employer-Provided Health Insurance Offer and Coverage

Form 1095-C is a tax document that large employers use to report information about the health insurance they offered to their employees. It's crucial for understanding your health coverage status and whether you might qualify for certain tax credits.

Professional Coaching for Business Executives Deduction

The Professional Coaching for Business Executives Deduction allows executives to deduct costs related to professional growth, enhancing business leadership and productivity.

Tax Lien Subordination

Tax lien subordination is the process of moving a tax lien down the priority list, allowing other debts to be paid first. It’s a complex but important concept for property owners with multiple liens.

IRS Appeals Office Review

The IRS Appeals Office Review is a process by which taxpayers can dispute IRS decisions regarding their tax liabilities, providing an impartial platform for resolution.