Glossary

Form 1120-L – U.S. Life Insurance Company Income Tax Return (reiterated under corporate forms)

What is Form 1120-L and How Does it Affect Life Insurance Companies?

Form 1120-L, the U.S. Life Insurance Company Income Tax Return, is a specialized IRS form that life insurance companies use to report their taxable income, calculate their tax liability, and claim deductions and credits. It is tailored to the unique financial structure and tax rules that apply to life insurance businesses.

Glossary Article

Recommended for You

Abatement for Unfiled Schedules

Abatement for Unfiled Schedules refers to the reduction or elimination of penalties incurred due to incomplete tax filings. It plays a crucial role in tax resolution.

Due Diligence in Lien Investment

Due diligence in lien investment is the process of carefully evaluating tax lien properties before investment to ensure compliance and mitigate risks.

Rural Internet Infrastructure Credit

The Rural Internet Infrastructure Credit is a tax incentive aimed at encouraging investments in broadband infrastructure in rural areas, facilitating increased access to high-speed internet.

Relief for Overstated Residential Energy Credits

Explore relief options for overstated residential energy credits including compliance requirements, penalties, and strategies to optimize your tax position.

Form 8863 – Education Credits (American Opportunity and Lifetime Learning Credits)

Form 8863 is the IRS form you'll use to claim valuable tax credits for educational expenses, which can significantly lower your tax bill. It helps make higher education more affordable.

Advanced Renewable Job Inclusion Workforce Credit

The Advanced Renewable Job Inclusion Workforce Credit is a tax incentive aimed at promoting employment in the renewable energy sector by providing credits to companies that hire qualified workers.

Judicial Review of Lien Sale

The judicial review of lien sale is a legal procedure that allows taxpayers to challenge the validity of a lien sale initiated by taxing authorities.

Penalty for Late 1099 Submission

The penalty for late 1099 submission is a fine imposed by the IRS on businesses that fail to file Form 1099 by the deadline. Timely filing is crucial to avoid these penalties.

Form 8233 – Exemption From Withholding on Compensation for Independent Personal Services of a Nonresident Alien Individual

Form 8233 allows eligible nonresident aliens to claim exemption from U.S. income tax withholding on compensation for independent personal services, based on tax treaties. It helps avoid overpayment of taxes.

Green Building Modernization Credit

The Green Building Modernization Credit is a tax incentive that promotes energy efficiency and sustainable upgrades in buildings, aiding in environmental goals.

Expenses for Business Process Redesign Deduction

The Expenses for Business Process Redesign Deduction helps businesses allocate costs associated with revamping their operations while ensuring tax compliance.

Online Business Contract Management Deduction

The Online Business Contract Management Deduction helps online businesses optimize contract management costs by allowing them to deduct expenses associated with managing business contracts.

Waiver for Underreported Interest Income

The waiver for underreported interest income helps taxpayers avoid penalties by addressing discrepancies in interest reporting on tax returns.

Form 8862 – Information to Claim Certain Credits After Disallowance

Form 8862 is an IRS form used to claim certain tax credits that were previously denied by the IRS, helping taxpayers to provide necessary information to reverse the disallowance. It’s important to understand this form if you've had a tax credit rejected in the past.

Amended Return (Form 1040X)

An amended return, also known as Form 1040X, is used to correct errors or make changes to a previously filed tax return. It's your chance to fix mistakes and potentially get back money you're owed.

Form 8938 – Statement of Specified Foreign Financial Assets (previously listed but critical here)

Form 8938 is an IRS form used to report specified foreign financial assets. If you have significant assets held outside the U.S., this form might be relevant to you.

Seasonal Business Marketing Campaigns Deduction

Seasonal Business Marketing Campaigns Deduction allows businesses to deduct marketing expenses related to seasonal promotions, reducing their taxable income.

Statewide Workforce Electrification Access Credit

The Statewide Workforce Electrification Access Credit is a tax incentive designed to promote the transition to electric vehicles and infrastructure, enhancing the workforce and economic growth.

Abatement for Misreported Business Property Deductions

Abatement for Misreported Business Property Deductions allows businesses to rectify deduction errors without severe penalties, ensuring tax compliance.

Waiver for Incorrectly Reported Real Estate Income

The Waiver for Incorrectly Reported Real Estate Income provides a remedy for taxpayers who have made errors in reporting real estate income on their tax returns.