Glossary

IRS Audit

What is an IRS Audit and How Does It Work?

An IRS audit is a review of your tax return by the Internal Revenue Service (IRS) to ensure your reported income, deductions, and credits are correct. The IRS may audit individuals, businesses, and organizations. It’s a check to make sure everyone is paying their fair share of taxes.

  1. Glossary Article

Recommended for You

Minimum Bid Requirements

Minimum Bid Requirements dictate the lowest price at which a governmental or tax authority can accept an offer on properties or assets, impacting tax settlements.

Form 5074 – Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands (reiterated for territorial taxation)

Form 5074 is used to determine how much of your individual income tax should go to Guam or the Commonwealth of the Northern Mariana Islands (CNMI) instead of the U.S. This form is important for those with income sourced in these territories.

Child Tax Credit

The Child Tax Credit is a crucial tax benefit provided to eligible families to help reduce the financial burdens of raising children.

Letter 6152: Request for Missing Tax Return

Letter 6152 is an official notice from the IRS indicating that they have not received a tax return they believe you were required to file. This letter needs immediate attention to avoid potential penalties.

HOA and Condo Liens

HOA and Condo Liens are legal claims against a property due to unpaid homeowners association dues. They affect financial compliance and property sales.

CP503L Reminder

The CP503L Reminder is an IRS notice indicating unpaid tax liability. Prompt attention is crucial to avoid penalties and additional interest charges.

Affordable Rental Housing Tax Credit

The Affordable Rental Housing Tax Credit is a tax incentive designed to encourage investment in low-income rental housing projects. Learn about its key features and compliance requirements.

Redemption Payment Schedule

The Redemption Payment Schedule is a structured financial plan used in tax resolution to satisfy outstanding tax debts. It details payment amounts and timelines.

Commercial EV Infrastructure Credit

The Commercial EV Infrastructure Credit encourages businesses to invest in electric vehicle (EV) charging infrastructure by offering tax credits, aiding the transition to sustainable energy.