Glossary

Certified Mail for IRS Notices

Why is Certified Mail Important When Dealing with IRS Notices?

Certified mail for IRS notices is a service provided by the U.S. Postal Service that offers proof that the IRS sent you a letter and that you received it. This service provides an important tracking mechanism and legal documentation, ensuring that both parties have a record of the communication.

Glossary Article

Recommended for You

Shipping Insurance Deduction

Shipping Insurance Deduction allows businesses to deduct the cost of insuring their goods during shipment from their taxable income, mitigating financial risk.

Waiver for Misreported Stock Options

The Waiver for Misreported Stock Options enables taxpayers to correct inaccuracies in how stock options were reported, minimizing potential penalties.

Amortization

Amortization is a way to gradually deduct the cost of certain assets over time. It's similar to depreciation but applies to intangible assets instead of physical ones.

Business Income Plan

Business Income Plan is a financial strategy that helps individuals and businesses manage taxable income effectively, ensuring compliance with tax regulations while optimizing financial outcomes.

Form 1065-B – U.S. Return of Income for Electing Large Partnerships

Form 1065-B is a special tax form used by certain large partnerships to report their income, deductions, and other financial information to the IRS. It streamlines tax reporting for these complex businesses.

Letter 1058A: Notice of Intent to Levy on Specific Property

Letter 1058A is a serious notice from the IRS, indicating they intend to seize specific property to pay your unpaid taxes. It's crucial to understand this notice and take action immediately.

Tax Credit for Small Business Relocation

A Tax Credit for Small Business Relocation offers financial incentives to businesses that relocate to certain areas, promoting economic growth and expansion.

Wage Garnishment

Wage garnishment is a legal process where a portion of your paycheck is withheld to pay off a debt. It’s crucial to understand how it works and how to prevent it.

Tax Assessment Appeal

A Tax Assessment Appeal allows taxpayers to contest and seek changes to their tax assessment if they believe it is incorrect, ensuring fair taxation.

Workforce Equity and Diversity Tax Credit

The Workforce Equity and Diversity Tax Credit is a tax incentive designed to promote workplace diversity and equity. It encourages companies to implement inclusive hiring practices and offers financial benefits for meeting specific diversity criteria.

Public Transit Accessibility Credit

The Public Transit Accessibility Credit offers taxpayers incentives for using public transit, supporting environmental goals and providing tax relief.

Workforce Renewable Electrification Equity Training Expansion Credit

The Workforce Renewable Electrification Equity Training Expansion Credit fosters skilled workforce development in renewable energy, promoting equity and electrification.

Affordable Housing EV Integration Credit

The Affordable Housing EV Integration Credit offers tax incentives for developers including electric vehicle infrastructure in affordable housing projects.

Workforce Solar Electrification Equity Credit

The Workforce Solar Electrification Equity Credit promotes tax incentives to support equitable solar energy workforce expansion.

Energy Efficient Farm Equipment Credit

The Energy Efficient Farm Equipment Credit provides tax incentives for farmers investing in energy-efficient machinery. It encourages sustainable practices in agriculture.

Renewable Workforce Climate Adaptation Credit

The Renewable Workforce Climate Adaptation Credit is a tax incentive designed to promote job creation in the renewable energy sector and support climate resilience initiatives.

Form 8973 – Certified Professional Employer Organization/Customer Reporting Agreement

Form 8973 is an agreement between a Certified Professional Employer Organization (C-PEO) and its customer. It outlines the reporting responsibilities for payroll taxes, ensuring clarity on who handles what.

Renewable Job Workforce Development Credit

The Renewable Job Workforce Development Credit is a tax incentive aimed at fostering workforce growth in the renewable energy sector. It offers tax credits to businesses investing in training and development for roles in green energy.

Waiver for Duplicate Dependent Care Tax Filings

The waiver for duplicate dependent care tax filings is a relief measure for taxpayers who mistakenly file the same dependent care expenses more than once.

Revenue Officer Adjustment Letter

Learn about the Revenue Officer Adjustment Letter issued by the IRS for tax account discrepancies, its implications, and compliance requirements.