Glossary

CP71A Notice

0:00 0:00

100

The CP71A notice is an annual reminder sent by the IRS to taxpayers who have an unpaid balance on their account. This notice provides a detailed breakdown of the total amount owed, including any penalties and interest that have accrued since the last notice.

Key points in CP71A:

The notice lists the original amount owed, along with penalties and interest that have accumulated over time.
It provides instructions for paying the balance in full or setting up an Installment Agreement to pay over time.
Taxpayers who ignore this notice may face further enforcement actions, such as levies or liens.

Taxpayers should respond promptly to the CP71A notice to avoid additional penalties and interest on their outstanding balance.

Recommendation

IRS Letter 668(W): Notice of Levy on Wages, Salary, and Other Income

IRS Letter 668(W) is a Notice of Levy that allows the IRS to garnish wages and other income to satisfy unpaid tax debt.

Refundable Tax Credit

A refundable tax credit can reduce a taxpayer’s liability to zero and generate a refund for any amount of the credit that exceeds the taxes owed.

Form 8911 – Alternative Fuel Vehicle Refueling Property Credit

Understand the tax benefits and requirements related to Form 8911 for the Alternative Fuel Vehicle Refueling Property Credit.

Amended Tax Return

An amended tax return is filed to correct errors or omissions on a previously submitted tax return, using IRS Form 1040-X.

IRS Form 940: Employer’s Annual Federal Unemployment (FUTA) Tax Return

IRS Form 940 is filed annually by employers to report and pay the Federal Unemployment Tax (FUTA) for their employees.

Form 1095-A – Health Insurance Marketplace Statement (critical for ACA compliance)

Form 1095-A is a crucial document for ACA compliance and tax filing related to health insurance coverage.

Form 433-A – Collection Information Statement for Wage Earners and Self-Employed Individuals

Form 433-A is a crucial document for individuals to provide financial information to the IRS.

Form 433-D – Installment Agreement (specific for streamlined agreements)

Explore the comprehensive details of Form 433-D – Installment Agreement, a critical tax resolution document.

Form 8995 – Qualified Business Income Deduction (QBI) Simplified Computation

Form 8995 – Qualified Business Income Deduction (QBI) Simplified Computation is a crucial tax form for claiming deductions related to business income.

CP508C Notice

IRS CP508C notifies taxpayers that their passport eligibility is in jeopardy due to seriously delinquent tax debt and provides steps to resolve the issue.