Glossary

Tax Levy

What Exactly is a Tax Levy and How Does it Impact You?

A tax levy is a legal action by the IRS to seize your property (like your bank account, wages, or other assets) to pay off your unpaid tax debt. It’s a way for the IRS to collect taxes you owe when you haven’t paid them voluntarily. The IRS will typically issue a Notice of Intent to Levy before they actually seize your property.

Glossary Article

Recommended for You

Form 8886 – Reportable Transaction Disclosure Statement (previously noted under tax avoidance disclosures)

Form 8886, also known as the Reportable Transaction Disclosure Statement, is an IRS form used to report certain tax-sheltering transactions. Understanding this form is key for taxpayers engaging in complex financial activities.

Form 1040-ES – Estimated Tax for Individuals (useful for disaster planning and budgeting)

Form 1040-ES is used to pay estimated taxes if you don’t have taxes withheld from your income. It's particularly useful for disaster planning and budgeting to avoid surprise tax bills.

Energy-Efficient Building Materials Credit

The Energy-Efficient Building Materials Credit encourages the use of sustainable materials in construction and renovation by offering tax benefits to qualifying taxpayers.

Digital Marketing Analytics Subscriptions Deduction

Digital Marketing Analytics Subscriptions Deduction allows businesses to claim tax deductions on expenses related to subscription-based analytics services used in their marketing efforts.

Precision Farming Expansion Credit

The Precision Farming Expansion Credit provides tax relief for investments in advanced agricultural technologies, enhancing farming efficiency and sustainability.

Biofuel Innovation Tax Credit

The Biofuel Innovation Tax Credit encourages advancements in biofuel technology through financial incentives, promoting eco-friendly energy solutions.

Team Productivity Optimization Services Deduction

The Team Productivity Optimization Services Deduction allows businesses to claim tax benefits for expenses incurred in enhancing team productivity.

CP12 Notice: Changes to Your Tax Return – Refund or Balance Due

A CP12 notice from the IRS indicates changes were made to your tax return, resulting in either a different refund amount or a balance due. Understanding this notice is crucial for accurate tax filing.

Workforce Affordable Green Energy Credit

The Workforce Affordable Green Energy Credit offers tax incentives for organizations investing in green energy projects, aiding in sustainable development and economic growth.

Levy Release

A levy release is the IRS's action of removing a legal seizure on your property or assets due to unpaid taxes. Understanding this process is key to regaining control of your finances.

CP19 Notice: Discrepancies in Reported Income

A CP19 notice from the IRS means they've found a difference between the income you reported and the income reported to them. It's crucial to understand this notice and respond promptly to avoid further issues.

Statewide EV Infrastructure Development Credit

The Statewide EV Infrastructure Development Credit supports the expansion of electric vehicle infrastructure through tax incentives, promoting sustainable transportation.

Office Waste Management Contracts Deduction

Office Waste Management Contracts Deduction refers to the allowable tax deductions related to expenses incurred from contractual waste management services in a business office setting.

Advanced Energy-Efficient HVAC Systems Deduction

The Advanced Energy-Efficient HVAC Systems Deduction allows businesses to claim tax benefits for installing qualifying energy-efficient HVAC systems, promoting sustainability and reducing energy consumption costs.

Pre-Sale Lien Forgiveness Programs

Pre-Sale Lien Forgiveness Programs are initiatives designed to help taxpayers resolve or forgive liens attached to property before sale, ensuring smoother transactions.

Renewable Workforce Electrification Access Equity Modernization Credit

The Renewable Workforce Electrification Access Equity Modernization Credit provides tax incentives for businesses promoting clean energy and workforce equity.

CP503O Reminder

The CP503O Reminder is a tax notice prompting taxpayers to address outstanding tax balances. It's vital for maintaining compliance and avoiding penalties.

State Technology Investment Credit

The State Technology Investment Credit is a tax incentive aimed at encouraging investment in technological advancements. It offers tax benefits to eligible businesses making qualified technology investments to spur innovation and economic growth.

Form 706-GS(T) – Generation-Skipping Transfer Tax Return for Taxable Terminations

Form 706-GS(T) is an IRS tax form used to report and pay taxes on certain types of transfers of property to someone who is two or more generations younger than the person making the transfer. It helps ensure the government gets its share of taxes on these transfers.

IRS Notice CP90: Final Notice of Intent to Levy and Notice of Your Right to a Hearing

IRS Notice CP90 is a serious final notice from the IRS informing you of their intent to levy (seize) your assets to pay your back taxes. It also notifies you of your right to a hearing to dispute the levy.