Glossary

Form 5227 – Split-Interest Trust Information Return (previously noted under trusts)

What is IRS Form 5227: Split-Interest Trust Information Return?

IRS Form 5227, Split-Interest Trust Information Return, is used by trusts that benefit both charitable and non-charitable beneficiaries. These trusts, known as split-interest trusts, must file Form 5227 annually to report their income, deductions, and distributions to the IRS.

Glossary Article

Recommended for You

Losses from Canceled Contracts Deduction

Explore the intricacies of leveraging tax deductions for losses incurred from canceled contracts. Discover key regulations, compliance mandates, and potential penalties.

Carbon-Neutral Business Tax Credit

The Carbon-Neutral Business Tax Credit incentivizes companies to adopt sustainable practices by offering tax reductions for reducing carbon emissions.

Tax Lien Assignment Agreement

A tax lien assignment agreement is a contract that transfers ownership of a tax lien from one party to another. It's a key part of the process when tax liens are bought and sold.

Online Storefront Hosting Fees Deduction

Online Storefront Hosting Fees Deduction allows businesses to claim expenses incurred from hosting their e-commerce platforms as tax deductions, aiding in accurate financial reporting.

Judicial Remedies for Erroneous Liens

Judicial remedies offer legal pathways to address and resolve erroneous tax liens, safeguarding taxpayers' rights and financial security.

Vehicle Repairs for Business Use Deduction

The Vehicle Repairs for Business Use Deduction allows businesses to claim expenses related to maintaining and servicing vehicles used for business purposes, underlining the importance of adhering to tax guidelines.

Form 1041-A – U.S. Information Return – Trust Accumulation of Charitable Amounts

Form 1041-A is an information return that certain trusts use to report how much of their income has been set aside for charitable purposes but not yet actually given to a charity. It's like a detailed tracking slip for charitable funds within a trust.

Non-Performing Tax Liens

Non-Performing Tax Liens are unpaid taxes where the lienholder is unable to collect from the property owner. They can impact financial compliance significantly.

Abatement for Late Estimated Payments on Retirement Distributions

The abatement for late estimated payments on retirement distributions offers relief from penalties for taxpayers who miss payment deadlines. Understanding its criteria and application is crucial for financial compliance.

Affordable Green Energy Workforce Credit

The Affordable Green Energy Workforce Credit is a tax incentive designed to promote sustainable employment within the green energy sector.

CP504AJ Notice

The CP504AJ Notice is sent by the IRS to alert taxpayers of a tax debt and impending lien actions. It emphasizes the importance of timely payment or dispute.

Abatement for Duplicate Small Business Tax Filings

Abatement for Duplicate Small Business Tax Filings involves rectifying multiple tax submissions and understanding the IRS process for removing penalties due to these errors.

Waiver for Overstated Business Losses

A waiver for overstated business losses allows taxpayers to rectify errors in reported business losses to avoid penalties and maintain accurate tax filings.

Educator Expenses Deduction

The Educator Expenses Deduction allows eligible teachers and educators to deduct certain unreimbursed expenses related to classroom supplies and materials directly from their taxable income.

Offshore Wind Development Credit

Offshore Wind Development Credit is a tax incentive designed to promote investment in sustainable energy solutions, specifically in the offshore wind sector.

Residential Energy Monitoring Tax Credit

The Residential Energy Monitoring Tax Credit encourages homeowners to adopt energy-efficient monitoring systems, offering financial incentives and fostering sustainable practices.

County Tax Sale

A county tax sale is a public auction held by a local government to sell properties with unpaid property taxes. Understanding this process is crucial for both property owners and potential investors.

Business Crowdsourcing Platform Fees Deduction

Business Crowdsourcing Platform Fees Deduction refers to the ability to deduct fees paid to platforms facilitating business projects as part of tax compliance.

Form 7004 – Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns

Form 7004 is an IRS form used by businesses to request an automatic extension of time to file various tax returns. It gives you more breathing room without the pressure of a strict deadline.

Advanced Renewable Workforce Solar Equity Training Credit

The Advanced Renewable Workforce Solar Equity Training Credit is a tax incentive designed to support and increase diversity in the solar industry's workforce.