Glossary

CP3219A Penalty for Proposed Adjustments

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Local Utility Rebates Processing Fees Deduction

The Local Utility Rebates Processing Fees Deduction allows taxpayers to deduct fees associated with processing utility rebate programs on their tax returns. This deduction can help reduce taxable income and overall tax liability.

Tax Levy

A tax levy is a legal seizure of your property by the IRS to satisfy unpaid taxes. It's a serious action the IRS takes when other collection methods fail.

Installment Agreement Compliance Form

The Installment Agreement Compliance Form is an essential tool for taxpayers entering into agreements to repay tax debts in installments. Ensuring compliance with this form is key to maintaining good standing with the IRS.

CP89 Notice

The CP89 Notice is sent by the IRS to notify taxpayers about changes in their tax account due to detected discrepancies or errors in filed returns.

CP256 Notice for Incorrect Filing Period

The CP256 Notice is issued by the IRS to inform taxpayers of errors related to incorrect filing periods in their tax return. It guides taxpayers on correcting the filing to maintain compliance and avoid penalties.

Rent for Storage Units Deduction

Rent for storage units deduction is a tax benefit allowing individuals or businesses to deduct the cost of rental storage units used for business purposes from their taxable income.

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.

Land Bank Authority

Land Bank Authorities help manage and repurpose vacant properties, impacting tax compliance and community economic health through revitalization strategies.