Glossary

CP148 Notice

What is a CP148 Notice from the IRS?

A CP148 Notice from the IRS is a formal notification informing you that they’ve identified a discrepancy in the tax return you filed and are adjusting your account to reflect their findings. Often, it indicates that you owe additional taxes, penalties, or interest, and it will explain the reasons for these changes and how you can respond.

Glossary Article

Recommended for You

Advanced Renewable Workforce Job Access Credit

The Advanced Renewable Workforce Job Access Credit is a tax incentive aimed at promoting the development of jobs in the renewable energy sector. It encourages the growth of a skilled workforce to support sustainable energy initiatives.

Commercial Property Maintenance Deduction

The Commercial Property Maintenance Deduction allows property owners to deduct maintenance expenses incurred to keep a commercial property operational.

CP13R Notice

A CP13R notice is a letter from the IRS indicating an adjustment to your tax return, usually resulting in a change to your refund or amount owed. It's important to understand what it says to resolve any issues.

Business Blog Hosting Costs Deduction

Discover how business blog hosting costs can be deducted from your taxes, including eligibility criteria and filing requirements.

Abatement for Late State Tax Payments

Abatement for late state tax payments involves reducing or eliminating penalties imposed on individuals or businesses that have failed to pay their state taxes on time.

CP504AS Notice

The CP504AS Notice is issued by the IRS as a final demand for payment. Failure to comply may result in levies on assets or wages.

Penalty for Erroneous Claims

Penalty for Erroneous Claims involves fines for inaccuracies in tax claims. Understanding these penalties is vital for compliance and avoiding IRS scrutiny.

Professional Liability Coverage Deduction

The Professional Liability Coverage Deduction allows businesses to deduct the cost of professional liability insurance premiums, reducing taxable income.

Income Fluctuation Plan

The Income Fluctuation Plan helps stabilize tax liabilities amid varying income levels, aiding in financial planning and compliance.

Renewable Workforce Energy Expansion Training Credit

The Renewable Workforce Energy Expansion Training Credit encourages workforce development in renewable energy sectors. It supports job training initiatives through tax incentives.

Renewable Workforce Expansion Equity Credit

The Renewable Workforce Expansion Equity Credit incentivizes businesses to hire and train a diverse workforce in the renewable energy sector.

IRS Compliance Officer Notification Form

The IRS Compliance Officer Notification Form is a crucial document used by the IRS to ensure tax compliance. It informs taxpayers of required actions or reviews.

Coastal Renewable Workforce Deployment Job Credit

The Coastal Renewable Workforce Deployment Job Credit offers tax incentives to employers in coastal areas engaging in renewable energy projects, promoting job growth.

Monthly Payment Compliance Update

The Monthly Payment Compliance Update ensures taxpayers regularly meet their payment obligations, maintaining tax compliance and avoiding penalties.

IRS Financial Review

The IRS Financial Review is an assessment process used by the IRS to evaluate a taxpayer’s financial health and compliance, primarily focusing on tax obligations.

CP71A Notice: Annual Reminder of Balance Due

The CP71A notice is an annual reminder from the IRS that you still owe money from a previous tax year. It is not a new bill, but a reminder of an existing balance.

CP89L Notice

The CP89L Notice is an IRS communication that alerts taxpayers to discrepancies in their returns. Understanding this notice is essential for maintaining tax compliance.

Small Business Energy Upgrade Credit

The Small Business Energy Upgrade Credit provides tax incentives for small businesses investing in energy-efficient upgrades, helping reduce costs and carbon footprint.

Public Workforce Solar Incentive Credit

The Public Workforce Solar Incentive Credit is a tax benefit aimed at promoting solar energy usage within public workforces. It provides significant tax savings for eligible entities investing in solar technology.

Asset Forfeiture and Tax Liens

Asset forfeiture and tax liens are legal tools used to enforce tax laws, ensuring government recovery of unpaid taxes through property seizure or legal claims.