Glossary

Delinquent Return

What is a Delinquent Tax Return?

A delinquent return is simply a tax return that’s submitted to the IRS (or your state tax authority) after its official due date.

Glossary Article

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The self-employment tax deduction allows self-employed individuals to deduct half of their self-employment tax, reducing their overall tax burden. This deduction helps level the playing field with traditionally employed taxpayers who don't pay the full self-employment tax.

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A CP13 notice is a communication from the IRS informing you of a correction they made to your tax return due to a calculation error. It's essential to understand this notice to ensure your taxes are accurate and avoid further issues.

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Certificate of Tax Payment

A Certificate of Tax Payment is an official document proving that a taxpayer has paid their taxes in full for a specified period. It is crucial for tax compliance and financial verification.

Public Auction Requirements

Public Auction Requirements ensure compliance in property sales to recover unpaid taxes, outlining procedures, liabilities, and taxpayer rights.

Water Efficiency Tax Credit

The Water Efficiency Tax Credit incentivizes water-saving measures in homes and businesses, promoting conservation through tax benefits.

Patent Fees Deduction

Patent Fees Deduction refers to the specific tax deductions available for expenses incurred in the pursuit of patent rights. These deductions are crucial for reducing taxable income associated with intellectual property management.

Relief for Incorrect K-1 Income Reporting

Learn about the process for obtaining relief from the IRS for incorrect K-1 income reporting, including compliance requirements and potential penalties.

CP23 Penalty Adjustment Notice

The CP23 Penalty Adjustment Notice is issued by the IRS to notify taxpayers of changes in penalties due to adjustments in their tax accounts. This notice outlines any corrections made by the IRS, the impact on penalty amounts, and the next steps for affected taxpayers.

Abatement for Incorrect Earned Income Reporting

Abatement for Incorrect Earned Income Reporting allows taxpayers to reduce or eliminate penalties due to unintentional errors in reporting earned income on tax returns.

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Collection Suspension allows taxpayers temporary relief from tax collection while they resolve tax disputes or financial hardships.

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