Glossary

CP70 Notice

The CP70 notice is sent by the IRS to inform taxpayers of potential issues or discrepancies found in their tax return that may affect their overall tax liability. This notice serves as a prompt for taxpayers to review their return for accuracy and completeness.

Key points about CP70:

The notice outlines specific areas of concern or discrepancies that the IRS has identified.
Taxpayers are encouraged to review their return and make any necessary corrections to avoid penalties or increased tax liability.
The notice may include deadlines for correcting the issues identified.

Taxpayers receiving CP70 should act quickly to review their return and address any concerns to minimize the risk of incurring additional taxes or penalties.

Recommendation

CP02 Notice: Refund Processed

The IRS CP02 Notice confirms that a taxpayer’s refund has been processed, outlining any adjustments made to the return.

Amortization

Amortization is the process of gradually deducting the cost of an intangible asset over its useful life for tax purposes.

CP44 Notice: Refund Hold Due to Delinquent Taxes

IRS CP44 Notice notifies taxpayers that their refund is on hold due to unpaid taxes and outlines steps to resolve the debt and release the refund.

IRS Notice CP501: Reminder Notice of Balance Due

IRS Notice CP501 is a reminder notice that informs taxpayers of an unpaid balance and warns of further penalties if not resolved.

CP259 Notice: Return Delinquency Notice

The IRS CP259 Notice warns taxpayers that they have not filed a required tax return and outlines steps to file and avoid penalties or further enforcement actions.

CP2057 Notice: Inquiry Regarding Unreported Income

IRS CP2057 Notice alerts taxpayers of potential unreported income and invites them to correct or clarify discrepancies to avoid penalties.

CP297A Notice: Notice of Levy on Social Security Benefits

The IRS CP297A Notice informs taxpayers that the IRS will levy a portion of their Social Security benefits to collect unpaid taxes unless action is taken.

CP58 Notice

The CP58 notice notifies taxpayers that they may be eligible for the Earned Income Credit (EIC) based on their tax return information.

Tax Court

The U.S. Tax Court allows taxpayers to dispute IRS assessments and decisions, providing an independent forum for resolving tax controversies.

IRS Form 941: Employer’s Quarterly Federal Tax Return

IRS Form 941 is filed quarterly by employers to report wages, tax withholdings, and payments for Social Security and Medicare taxes.