Glossary

CP297B Notice: Final Notice of Intent to Levy and Right to a Hearing

What is a CP297B Notice: Final Notice of Intent to Levy and Right to a Hearing?

A CP297B Notice is a formal notification from the IRS that informs you they plan to levy your property (like your wages or bank account) to pay unpaid taxes. This is a final notice before the IRS takes action and it also explains your right to a Collection Due Process (CDP) hearing to discuss other resolution options.

Glossary Article

Recommended for You

Tax Lien Jurisdiction

Tax Lien Jurisdiction refers to the authority under which tax liens are imposed on a property, affecting the owner's ability to sell or refinance.

Rural Energy Cooperative Credit

The Rural Energy Cooperative Credit is a valuable tax incentive, supporting energy cooperatives by offering benefits that promote sustainable energy development.

Professional Sales Pitch Training Deduction

Professional sales pitch training deduction allows businesses to deduct the costs of training their sales teams from taxable income, enhancing skills and reducing tax liabilities.

Taxpayer Payment Status

The 'Taxpayer Payment Status' refers to the current standing of payments made by a taxpayer towards their tax obligations. It helps monitor compliance with tax dues.

Substitute for Return (SFR)

A Substitute for Return (SFR) is a tax return the IRS creates on your behalf when you fail to file your own. It's important to understand what this means and how to avoid it.

Abatement for Identity Theft Victims

Abatement for Identity Theft Victims addresses tax resolution for fraudulent tax-related activities, offering relief and recovery for affected taxpayers.

CP161 Balance Due Penalty Relief

CP161 Balance Due Penalty Relief allows taxpayers to seek forgiveness or reduction of penalties related to unpaid balances on their tax account.

Small Business Customer Feedback Tools Deduction

Small businesses can claim tax deductions on expenses related to customer feedback tools. These deductions help reduce taxable income and support strategic growth.

Revenue Officer Final Review

The Revenue Officer Final Review is an in-depth analysis conducted by the IRS to ensure tax compliance and resolve any arising issues before closing a case.

Municipal Workforce Renewable Incentive Credit

The Municipal Workforce Renewable Incentive Credit promotes the hiring of renewable energy professionals within local governments, offering tax benefits for compliance.

CP89AP Notice

The CP89AP Notice is issued by the IRS to inform taxpayers of significant adjustments made to their tax accounts, ensuring accurate tax filing and compliance.

CP523AM Notice

The CP523AM Notice is an IRS document alerting taxpayers of default in their installment agreement, outlining required actions to prevent further collection actions.

Business Income Reassessment Letter

A Business Income Reassessment Letter is a notice issued by tax authorities to inform businesses of adjustments to their declared income, requiring compliance action to avoid penalties.

Renewable Digital Workforce Development Credit

The Renewable Digital Workforce Development Credit is a tax incentive aimed at encouraging businesses to invest in training for digital skills. It helps businesses offset training costs while fostering a future-ready workforce.

Real Property Lien Holders’ Rights

Real Property Lien Holders’ Rights are legal rights protecting creditors’ claims against property. These rights ensure creditors can seek property in case of defaulting borrowers.

Surplus Funds

Surplus funds are the extra money left over after a tax sale when the sale price exceeds the taxes owed. It's crucial to know about them because these funds might belong to you.

Affordable Workforce Renewable Resilience Credit

The Affordable Workforce Renewable Resilience Credit incentivizes sustainable workforce development in renewable energy. It supports financial compliance and resilience.

Tax Forgiveness for the Deceased

"Tax Forgiveness for the Deceased" refers to the tax implications that arise when someone passes away, including whether their tax debt is forgiven or how their estate is handled. Understanding this area can help you navigate a difficult time with clarity.

IRS Compliance Review Notification

The IRS Compliance Review Notification is a communication from the IRS alerting a taxpayer to a review of their tax filings to ensure compliance with tax regulations.

Elderly Care Tax Credit

The Elderly Care Tax Credit offers financial relief to taxpayers supporting senior dependents. It reduces the overall tax burden through deductions and credits.