Tax debt forgiveness refers to programs that allow taxpayers to reduce or eliminate their tax debt based on financial hardship or inability to pay.
The IRS CP161 Notice informs businesses of an outstanding balance due on their tax return and provides instructions for paying the amount owed.
The IRS CP2000 Notice alerts taxpayers that there is a discrepancy between the income they reported and the income reported to the IRS by third parties.
The CP76A notice serves as a reminder of potential underpayment of estimated taxes, prompting taxpayers to review their payments.
The 401(k) contribution limit sets the maximum amount employees can contribute to their employer-sponsored retirement plan each year, offering significant tax benefits.
IRS Letter 2645C informs taxpayers that their correspondence or inquiry has been received and provides an estimated timeframe for resolution.
A refundable tax credit can reduce a taxpayer’s liability to zero and generate a refund for any amount of the credit that exceeds the taxes owed.
The filing deadline is the date by which taxpayers must file their tax returns or request an extension to avoid late-filing penalties.
Tax deferment allows taxpayers to delay paying taxes on income or gains until a future date, such as with retirement accounts or investment gains.
The CP90C notice is sent to inform taxpayers that the IRS has placed a levy on their assets for unpaid taxes, and they have the right to request a Collection