Glossary

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

What is IRS Form 433-A and Why Does It Matter?

Form 433-A, the Collection Information Statement for Wage Earners and Self-Employed Individuals, is an IRS document where you provide details about your income, expenses, assets, and debts. The IRS uses this information to assess your ability to pay your outstanding tax liability and decide on the best collection method. This is often the first step to setting up an installment plan or offer in compromise.

Glossary Article

Recommended for You

Renewable Workforce Electrification Inclusion Expansion Credit

The Renewable Workforce Electrification Inclusion Expansion Credit incentivizes businesses to invest in renewable energy workforce development while offering tax benefits.

Business Payment Term Adjustment

Business Payment Term Adjustment involves modifying the payment terms agreed upon in financial transactions. It's crucial for managing cash flow, compliance, and tax implications.

Form 1095-A – Health Insurance Marketplace Statement

Form 1095-A is an important tax document that details the health insurance coverage you purchased through the Health Insurance Marketplace. It helps you reconcile any premium tax credits you received.

Certificate of Redemption Misfiling

Certificate of Redemption Misfiling refers to incorrect documentation or failure to accurately document redemption of properties, impacting tax liabilities and compliance.

Affordable Renewable Workforce Expansion Credit

The Affordable Renewable Workforce Expansion Credit promotes job growth in renewable energy sectors by offering tax credits to companies that increase their workforce.

Tools for Business Process Streamlining Deduction

Explore powerful tax tools designed for streamlining business processes and optimizing deduction management with comprehensive compliance strategies.

Tax Credit for Small Business Recovery

The Tax Credit for Small Business Recovery is designed to support small businesses facing economic challenges, offering them financial relief through specific tax credits.

Form 8820 – Orphan Drug Credit

Form 8820 is used to claim the orphan drug credit, a tax incentive for companies that develop treatments for rare diseases. This credit helps make these much-needed drugs more available.

Business Data Monetization Tools Deduction

Business Data Monetization Tools Deduction refers to tax deductions businesses can claim for expenses incurred in using tools for monetizing their data. This entry covers how businesses can leverage these deductions to manage their financial obligations effectively.

Public Renewable Workforce Energy Credit

The Public Renewable Workforce Energy Credit is a tax incentive for employees and employers in the renewable energy sector, promoting job creation and sustainability.

Inclusive Public Energy Workforce Credit

The Inclusive Public Energy Workforce Credit is a tax credit aimed at encouraging diversity and inclusivity in the energy sector's workforce.

Heir Property and Tax Liens

Heir property and tax liens intersect when inherited real estate has unpaid taxes, potentially leading to legal complications in property ownership.

CP89K Notice

The CP89K Notice is an IRS-issued document informing taxpayers of changes to their tax account due to identified discrepancies. Timely action is required to avoid penalties.

Tools for Inventory Reconciliation Deduction

Inventory Reconciliation Deduction tools help businesses accurately reconcile inventory discrepancies, ensuring compliance with tax regulations and financial reporting accuracy.

Statute of Limitations on Tax Debt

The statute of limitations on tax debt is a time limit the IRS has to collect taxes you owe. It's important to know how this works because it can affect your financial obligations.

Form 8867 – Paid Preparer’s Due Diligence Checklist

Form 8867 is a checklist that tax preparers must use to ensure they've done their due diligence before filing a tax return, particularly for certain credits and deductions. This form helps protect both taxpayers and the IRS from fraud and errors.

CP12 Penalty Notice Clarification

The CP12 Penalty Notice is issued by the IRS to inform taxpayers of corrections made to their tax return, which might result in changes to their refund amount.

Lien Search

A lien search is a critical process to identify any legal claims against a property or asset, ensuring clear ownership transfer and tax compliance.

Public Solar Workforce Electrification Credit

The Public Solar Workforce Electrification Credit is a tax incentive designed to promote solar energy development while fostering workforce advancement.

Small Business Apprenticeship Credit

The Small Business Apprenticeship Credit offers tax incentives to small businesses that participate in apprenticeship programs, fostering workforce development.