Glossary

IRS Audit

What is an IRS Audit and How Does It Work?

An IRS audit is a review of your tax return by the Internal Revenue Service (IRS) to ensure your reported income, deductions, and credits are correct. The IRS may audit individuals, businesses, and organizations. It’s a check to make sure everyone is paying their fair share of taxes.

Glossary Article

Recommended for You

Lien Redemption Price Calculation

The Lien Redemption Price Calculation determines the total amount needed for property owners to redeem a tax lien, covering taxes, interest, and additional costs.

Eco-Friendly Business Practice Credit

An Eco-Friendly Business Practice Credit offers tax incentives to companies adopting sustainable operations, promoting environmental responsibility.

Business Relocation Expenses Deduction

Business Relocation Expenses Deduction allows businesses to deduct certain costs incurred during a relocation. This can optimize financial planning and compliance.

Land Bank Authority

Land Bank Authorities help manage and repurpose vacant properties, impacting tax compliance and community economic health through revitalization strategies.

Form 433-A – Collection Information Statement for Wage Earners and Self-Employed Individuals

Form 433-A is an IRS form used to collect financial information from taxpayers who owe money, helping the IRS determine how much you can afford to pay. This form is a critical step in working out a payment plan with the IRS.

IRS Penalty Notice CP14

The IRS Penalty Notice CP14 informs taxpayers of a balance due on their tax account. It details the amount owed and necessary steps for resolution.

Packaging Materials for Shipping Deduction

Learn about tax deductions for packaging materials used in shipping, including eligibility, compliance requirements, and potential benefits for businesses.

Natural Gas Vehicle Credit

The Natural Gas Vehicle Credit incentivizes the use of cleaner fuel technology. It offers tax relief for purchasing qualified natural gas vehicles.

Form 7004 – Application for Automatic Extension of Time to File Certain Business Income Tax Returns

Form 7004 is an IRS form that businesses use to request an automatic extension of time to file certain income tax returns. It gives you more breathing room without penalty (but doesn't extend the payment deadline!).

EV Charging Infrastructure Tax Credit

The EV Charging Infrastructure Tax Credit offers financial incentives for installing electric vehicle charging stations, promoting sustainable transportation solutions.

Small Business Payroll Processing Fees Deduction

Explore how small businesses can deduct payroll processing fees, the compliance requirements, and the significance of this deduction in tax and financial planning.

Tax Levy Appeal

A Tax Levy Appeal is a formal request to contest a government-imposed levy on an individual's property or accounts due to unpaid taxes.

Penalty Abatement for IRS Error

IRS Error Penalty Abatement helps taxpayers seek relief from penalties due to IRS errors. Understand its purpose and requirements for successful claims.

Tax Deduction

A tax deduction is an expense that you can subtract from your gross income to lower your taxable income, ultimately reducing the amount of taxes you owe. They're a key way to lower your tax bill.

Payment Compliance Review Notification

A Payment Compliance Review Notification alerts taxpayers to review their tax payments for compliance with regulations, ensuring accuracy and completeness of records.

Revenue Collection Agency

A Revenue Collection Agency is responsible for collecting tax revenue on behalf of the government, ensuring compliance and managing fiscal policy effectively.

Software Testing Services Deduction

The Software Testing Services Deduction allows businesses to claim eligible expenses related to testing software as part of their taxable deductions. It plays a crucial role in reducing taxable income for companies engaging in software development.

Relief for Overstated Business Energy Credits

Relief for overstated business energy credits provides taxpayers with the necessary measures to address and correct discrepancies in claims for energy-related tax credits, ensuring compliance and minimizing potential tax liabilities.

Affordable Renewable Workforce Expansion Incentive Credit

The Affordable Renewable Workforce Expansion Incentive Credit is a tax credit designed to support businesses investing in renewable energy workforce development. It offers financial benefits to companies expanding their skilled labor resources in the renewable sector.

Willful Failure to Pay

Willful Failure to Pay refers to an intentional choice by taxpayers not to pay owed taxes. This act can lead to severe penalties and legal consequences.