Glossary

Ad Valorem Tax Lien

What Exactly is an Ad Valorem Tax Lien?

An ad valorem tax lien is a legal claim against a property for unpaid taxes that are based on the property’s assessed value. This type of lien gives the taxing authority the right to seize and sell the property if the taxes aren’t paid. Ad valorem means “according to value.”

Glossary Article

Recommended for You

Public Utility Clean Energy Credit

The Public Utility Clean Energy Credit is a tax incentive designed to encourage the adoption of clean energy technologies by public utilities.

Seasonal Employee Orientation Costs Deduction

The Seasonal Employee Orientation Costs Deduction allows businesses to deduct the expenses associated with the training and orientation of seasonal employees. This deduction helps reduce taxable income and support financial planning for companies employing seasonal staff.

Abatement for Misreported Child Tax Credits

Abatement for Misreported Child Tax Credits provides taxpayers a way to correct errors in claiming child tax credits and potentially reduce penalties.

Contractor Management Software Deduction

The Contractor Management Software Deduction is a tax benefit for businesses utilizing software to manage contractors. It includes compliance requirements and possible penalties for non-compliance.

Government Seizure Appeals

Government Seizure Appeals pertain to the process and regulations related to contesting the confiscation of assets by governmental authorities due to tax delinquencies.

Form 8854 – Initial and Annual Expatriation Statement

Form 8854, the Initial and Annual Expatriation Statement, is an IRS form that certain U.S. citizens and long-term residents must file when they give up their citizenship or residency status. This form helps the IRS understand the tax implications of this major change in status.

Automated Notice Correction

Automated Notice Correction involves the IRS's systematic adjustment of tax returns to address identified errors. This process helps ensure accurate tax records.

Fees for Employee Certification Tracking Deduction

Fees for Employee Certification Tracking Deduction allows businesses to deduct costs related to employee certification tracking, crucial for both compliance and efficiency.

Press Release Distribution Deduction

Press Release Distribution Deduction refers to possible tax deductions a business can claim on the costs incurred from distributing press releases. This deduction supports companies in promoting their brand while potentially lowering taxable income.

Business-Education Partnerships Costs Deduction

Business-Education Partnerships Costs Deduction allows businesses to deduct expenses incurred while collaborating with educational institutions.

Startup Filing Fees Deduction

The Startup Filing Fees Deduction allows new businesses to deduct certain initial startup costs, easing the financial burden during their formative phase. Understanding this deduction can greatly benefit entrepreneurs as they establish their ventures.

Employer Penalty Abatement Request

An Employer Penalty Abatement Request allows businesses to contest penalties imposed for non-compliance with certain tax regulations, such as the ACA.

Renewable Workforce Electrification Expansion Equity Credit

The Renewable Workforce Electrification Expansion Equity Credit aims to incentivize businesses to promote electrification in their workforce. This tax credit supports environmental goals and equitable workforce enhancements.

Business IT Infrastructure Maintenance Deduction

The Business IT Infrastructure Maintenance Deduction allows businesses to reduce taxable income by deducting costs related to maintaining their IT systems and infrastructure.

CP284 Penalty for Incorrect Business Tax Payments

The CP284 Penalty is imposed by the IRS for errors in business tax payments due to underpayment or incorrect filing. Understanding this penalty can help businesses maintain compliance and avoid financial penalties.

Tools for Supply Chain Risk Mitigation Deduction

Learn about the Supply Chain Risk Mitigation Deduction, a crucial tax tool that aids businesses in managing risks and ensuring compliance.

Packaging Materials for Shipping Deduction

Learn about tax deductions for packaging materials used in shipping, including eligibility, compliance requirements, and potential benefits for businesses.

Employee Recognition Award Programs Deduction

The Employee Recognition Award Programs Deduction allows businesses to reduce taxable income by deducting costs associated with awarding employees for outstanding service or achievements. Compliance is key to maximizing benefits.

Tax Credit for Disaster Recovery Housing

The Tax Credit for Disaster Recovery Housing is a critical financial incentive designed to support the rebuilding and recovery of housing in areas affected by disasters.

Renewable Workforce Expansion Development Equity Credit

The Renewable Workforce Expansion Development Equity Credit is a tax incentive aimed at supporting strategic growth and diversification of the renewable energy workforce, ensuring equitable opportunities.