Glossary

First-Time Abatement (FTA)

What is the IRS First-Time Abatement (FTA) Program?

The First-Time Abatement (FTA) is an IRS program that allows certain taxpayers to have penalties waived for the first time they fail to file or pay on time. To qualify, a taxpayer must have a clean record for the previous three years and meet other specific criteria.

  1. Glossary Article

Recommended for You

Taxpayer Plan Adjustment Form

The Taxpayer Plan Adjustment Form allows taxpayers to request amendments to their payment plans or agreements with the tax authority. It's essential for ensuring flexible resolution of tax debts.

Charitable Contributions Deduction

The Charitable Contributions Deduction allows taxpayers to reduce their taxable income by donating to qualified organizations. Understanding eligibility and documentation requirements is essential.

Adoption Credit

The Adoption Credit is a tax benefit offered by the IRS to help offset the costs associated with adopting a child. It provides eligible taxpayers with a financial credit on their federal returns.

IRS Account Review

The IRS Account Review is an assessment of a taxpayer's records by the IRS to verify accuracy and compliance with tax obligations.

CP504AD Notice

The CP504AD Notice is issued by the IRS to alert taxpayers of overdue tax balances and impending collections. It's crucial for avoiding elevated penalties.

Form 9465 – Installment Agreement Request

Form 9465 is used to request an installment agreement with the IRS, allowing taxpayers to pay off their tax debt over time instead of all at once. This form can be a helpful tool for those facing difficulty paying their full tax liability.

Debt Forgiveness Program

A Debt Forgiveness Program offers taxpayers relief by forgiving tax obligations under certain conditions. Essential for resolving financial liabilities efficiently.

Penalty Reduction

Penalty Reduction involves strategies to minimize or eliminate tax penalties, ensuring compliance and financial relief for taxpayers.

CP523J Notice

The CP523J Notice is a reminder from the IRS about an overdue tax payment. It's crucial for taxpayers to address it promptly to avoid penalties.