Glossary

Offer in Compromise (OIC)

What is an Offer in Compromise (OIC) and How Does it Work?

An Offer in Compromise (OIC) is a formal agreement between you and the IRS where the IRS agrees to accept a lower amount than you owe to settle your tax debt. The IRS will consider your unique financial situation, including your ability to pay, income, expenses, and asset equity. It is not a right and must be applied for and approved.

  1. Glossary Article

Recommended for You

CP89V Notice

The CP89V Notice is issued by the IRS to inform taxpayers of significant changes to their tax accounts, requiring careful review to ensure compliance and avoid penalties.

Affordable Renewable Workforce Expansion Incentive Credit

The Affordable Renewable Workforce Expansion Incentive Credit is a tax credit designed to support businesses investing in renewable energy workforce development. It offers financial benefits to companies expanding their skilled labor resources in the renewable sector.

Form 8835 – Renewable Electricity Production Credit

Form 8835 is used to claim the renewable electricity production credit, a tax incentive designed to encourage the generation of electricity from renewable resources. This credit can significantly reduce the tax liability for businesses that invest in clean energy.

CP504C Notice

The CP504C Notice is a crucial IRS reminder concerning unpaid tax debt, emphasizing the urgency of addressing outstanding balances to avoid enforced collection actions.

Lien Priority

Lien priority is the order in which creditors get paid back when someone owes money, especially when there are multiple debts on the same asset, and is a crucial aspect of understanding financial security. This order determines who gets paid first, second, and so on.

Subscription for Environmental Reporting Platforms Deduction

The 'Subscription for Environmental Reporting Platforms Deduction' allows taxpayers to deduct costs associated with subscribing to platforms that provide environmental reporting services. This deduction is vital for companies aiming to maintain compliance in their environmental reporting obligations.

Sustainable Packaging Materials Deduction

The Sustainable Packaging Materials Deduction is a tax incentive for businesses using environmentally friendly packaging. It encourages sustainable practices while potentially reducing tax liability.

Tax Sale Notification Deadlines

Tax Sale Notification Deadlines are critical dates set by taxing authorities to inform property owners of impending tax sales due to unpaid taxes. Meeting these deadlines is essential for avoiding financial penalties.