Glossary

Form 1099-K – Payment Card and Third Party Network Transactions (also noted under gig workers)

What is Form 1099-K, and How Does it Affect Your Taxes?

Form 1099-K, “Payment Card and Third-Party Network Transactions,” is an IRS information return that reports the gross amount of payments you received from payment card transactions or through a third-party payment network. Payment processors like PayPal, Venmo, or Stripe are required to send you this form and the IRS if you meet certain transaction volume and payment thresholds.

Glossary Article

Recommended for You

Abatement for Unfiled Schedules

Abatement for Unfiled Schedules refers to the reduction or elimination of penalties incurred due to incomplete tax filings. It plays a crucial role in tax resolution.

EV School Bus Transition Credit

The EV School Bus Transition Credit offers tax incentives for transitioning from traditional diesel school buses to electric vehicles, promoting sustainable transport.

Renewable Workforce Digital Access Credit

The Renewable Workforce Digital Access Credit is a tax incentive aimed at promoting digital accessibility improvements in companies within the renewable energy sector.

CP504AJ Notice

The CP504AJ Notice is sent by the IRS to alert taxpayers of a tax debt and impending lien actions. It emphasizes the importance of timely payment or dispute.

Abatement for Erroneous Refund Claims

Abatement for Erroneous Refund Claims refers to the IRS process of removing penalties for refunds issued in error due to taxpayer or service mistakes. It's essential for rectifying and resolving tax discrepancies.

Form 5472 – Information Return of a 25% Foreign-Owned U.S. Corporation

Form 5472 is an IRS information return that certain U.S. corporations with significant foreign ownership must file annually. It's crucial for transparency and helps the IRS track transactions between these corporations and their foreign owners.

Loss from Uncollected Accounts Receivable Deduction

Loss from Uncollected Accounts Receivable Deduction allows businesses to write off receivables that cannot be collected, providing tax relief and promoting financial compliance.

Public Renewable Workforce Electrification Access Credit

The Public Renewable Workforce Electrification Access Credit is a tax incentive designed to advance renewable energy adoption and support workforce growth in the clean energy sector.

Monthly Payment

Monthly payments in a tax context refer to regular installments paid towards tax obligations, ensuring efficient financial management and compliance.

CP504F Notice

The CP504F Notice is issued by the IRS to inform taxpayers about an impending levy due to unpaid taxes. It serves as a final notice before enforcement actions.

Installment Notice

An Installment Notice informs taxpayers about scheduled payments for outstanding taxes, outlining amounts, dates, and penalties for non-compliance.

Deferred Payment Tax Agreements

Deferred Payment Tax Agreements allow taxpayers to manage outstanding tax liabilities by arranging installment payments with tax authorities.

Form 843 – Claim for Refund and Request for Abatement (mentioned previously under relief but critical here)

Form 843 is used to request a refund of overpaid taxes or to ask the IRS to reduce or eliminate a tax penalty or interest. It's a key tool for correcting tax issues and seeking relief.

Licensing Fees for Business-Use Software Deduction

Licensing fees for business-use software can often be deducted on your tax return, potentially reducing your overall taxable income.

Small Port Expansion Credit

Small Port Expansion Credit aids businesses expanding small ports. Learn about its purpose, benefits, compliance needs, and consequences for non-compliance.

Urban Solar Accessibility Credit

The Urban Solar Accessibility Credit promotes solar energy in urban areas. It offers incentives for solar installations and requires compliance with specific filing norms.

Small Business IT Modernization Credit

The Small Business IT Modernization Credit helps small businesses offset costs associated with upgrading their IT infrastructure. It provides tax incentives for tech improvements to enhance operations.

CP89AT Notice

The CP89AT Notice is sent by the IRS to notify taxpayers of important changes to their tax accounts due to reconciliation discrepancies or other adjustments.

Renewable Grid Modernization Workforce Credit

The Renewable Grid Modernization Workforce Credit incentivizes the development of a skilled workforce for modernizing the renewable energy grid. It supports sustainable growth by offsetting training costs for companies.

Affordable Solar Workforce Credit

The Affordable Solar Workforce Credit incentivizes businesses to employ solar energy workers, offering tax benefits for compliance.