Glossary

Levy

What is a Tax Levy and How Does It Work?

A tax levy is a legal action taken by the IRS to seize your property, like your bank account, wages, or other assets, to satisfy a tax debt you owe. This happens only after the IRS has made several attempts to collect the taxes. It’s a method the government uses to get paid when you don’t voluntarily pay your taxes.

Glossary Article

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The Renewable Energy Grid Expansion Credit offers tax incentives for expanding renewable energy infrastructure. It aids in reducing carbon emissions and encourages sustainable energy use.

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The CP504AN Notice is a critical IRS document alerting taxpayers about unpaid tax balances. It signifies a demand for payment to prevent further collection actions.

Letter 3220C: Offer in Compromise Acceptance

Letter 3220C is an official IRS notification that your Offer in Compromise (OIC) has been accepted, meaning the IRS has agreed to settle your tax debt for less than what you originally owed. This letter signals a major step towards resolving your tax issues.

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The Employee Digital Literacy Workshops Deduction allows businesses to claim tax benefits for expenses incurred in digital skills training for employees.

Estate Tax Liens

Estate tax liens are legal claims by the government on a deceased individual's estate to ensure payment of outstanding estate taxes. They are crucial in estate settlement processes.

EV Charging Infrastructure Tax Credit

The EV Charging Infrastructure Tax Credit offers financial incentives for installing electric vehicle charging stations, promoting sustainable transportation solutions.

Tools for Advanced Team Collaboration Deduction

The 'Tools for Advanced Team Collaboration Deduction' enables teams to claim deductions related to collaborative work expenses, enhancing tax compliance and financial overview.

Tax Escrow Shortfall

A Tax Escrow Shortfall occurs when the funds held in escrow for property taxes are insufficient to cover the actual tax amount due.

Small Business Apprenticeship Credit

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

Form 8889 – Health Savings Accounts (HSAs)

Form 8889 is the IRS tax form you use to report your Health Savings Account (HSA) contributions, deductions, and distributions. Understanding this form is key to correctly using your HSA and getting the most out of its tax advantages.

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