Glossary

Innocent Spouse Relief

What is Innocent Spouse Relief and How Can it Help Me?

Innocent Spouse Relief is a provision from the IRS that can relieve you from the responsibility of paying additional taxes, penalties, and interest if your spouse or former spouse made errors or omissions on a joint tax return, and you were not aware of these issues. The IRS can grant this relief if you meet certain requirements.

Glossary Article

Recommended for You

EV Expansion for Freight Companies Credit

The EV Expansion for Freight Companies Credit provides tax incentives for freight companies to adopt electric vehicles, encouraging sustainable and eco-friendly logistics.

Asset Forfeiture and Tax Liens

Asset forfeiture and tax liens are legal tools used to enforce tax laws, ensuring government recovery of unpaid taxes through property seizure or legal claims.

Coastal Renewable Energy Workforce Inclusion Credit

The Coastal Renewable Energy Workforce Inclusion Credit is a tax incentive designed to promote diversity and inclusion in the workforce supporting renewable energy projects along coastal regions.

IT System Implementation Services Deduction

IT System Implementation Services Deduction refers to a tax policy allowing businesses to deduct expenses related to the deployment of IT systems, promoting digital solutions and compliance.

Equipment Leasing Costs Deduction

Equipment Leasing Costs Deduction provides tax benefits to businesses leasing equipment, allowing them to deduct lease payments as business expenses.

Notice of Federal Tax Lien (NFTL)

A Notice of Federal Tax Lien (NFTL) is a public record that the IRS files to claim legal rights to your property when you fail to pay your taxes. Understanding it can help you take necessary steps to resolve your tax debt.

Logistics Support Expenses Deduction

Logistics Support Expenses Deduction refers to tax deductions available for certain expenses incurred in logistics and supply chain operations. This guide covers its key features, compliance requirements, and significance in financial management.

Smart Waste Management Workforce Credit

The Smart Waste Management Workforce Credit is a tax incentive designed to encourage businesses in the waste management sector to invest in smart technologies and workforce development.

Custom Mobile App Maintenance Deduction

The Custom Mobile App Maintenance Deduction allows businesses to claim tax benefits for expenses related to the upkeep of mobile applications, optimizing financial strategies.

Loss from Environmental Compliance Failures Deduction

The 'Loss from Environmental Compliance Failures Deduction' allows businesses to address and deduct costs associated with environmental compliance failures, mitigating financial losses.

Urban Housing Stability Tax Credit

The Urban Housing Stability Tax Credit is designed to promote affordable housing development in urban areas, enhancing stability and community growth.

Inclusive Workforce Mobility Tax Credit

The Inclusive Workforce Mobility Tax Credit supports employers in fostering a diverse workforce by offering financial incentives for relocating or hiring employees. This tax credit reduces corporate tax liabilities and promotes inclusivity in employment practices.

Substantial Understatement Penalty

The Substantial Understatement Penalty is a tax penalty imposed on taxpayers who significantly understate their tax liability. This penalty encourages accurate tax filings.

Renewable Energy Training Centers Credit

The Renewable Energy Training Centers Credit is a tax incentive aimed at supporting educational institutions in training individuals for careers in the renewable energy sector.

Freight Damage Mitigation Plans Deduction

The Freight Damage Mitigation Plans Deduction allows businesses to deduct expenses associated with mitigating freight loss or damage, fostering better inventory and financial management.

Smart Grid Investment Tax Credit

The Smart Grid Investment Tax Credit incentivizes investments in smart grid technologies for enhanced energy efficiency and reliability.

CP66 Notice

A CP66 Notice from the IRS is typically a notice that informs you of an underpayment of tax or penalties due to mathematical errors or missing information on your tax return. It's important to understand this notice to resolve the issue promptly.

CP224A Penalty for Incorrect Mortgage Interest Deduction Reporting

CP224A is an IRS notice concerning penalties for incorrect reporting of mortgage interest deductions on tax returns.

Tax Lien Escrow Mismanagement Cases

Tax lien escrow mismanagement involves the improper handling of funds held in escrow to satisfy tax liens, leading to legal and financial complications.

Workforce Energy Job Equity Credit

The Workforce Energy Job Equity Credit is a tax incentive aimed at promoting equitable employment opportunities in the energy sector. Learn about its significance and compliance mandates.