Child Tax Credit
The Child Tax Credit is a federal credit that reduces the tax liability of parents for each qualifying child under the age of 17, with partial refunds available for some
Collection Appeal Program (CAP)
The IRS Collection Appeal Program (CAP) allows taxpayers to appeal IRS collection actions, such as levies and liens, before or after they are enforced.
Collection Due Process (CDP) Hearing
A Collection Due Process (CDP) hearing allows taxpayers to appeal IRS actions, such as levies or liens, before they are enforced.
Collection Information Statement (CIS)
A Collection Information Statement (CIS) is a financial disclosure form that taxpayers submit to the IRS when requesting payment plans or other tax relief options.
Collection Statute Expiration Date (CSED)
The Collection Statute Expiration Date (CSED) is the date when the IRS’s 10-year window to collect unpaid taxes expires, and the debt is no longer enforceable.
Corporate Tax Rate
The corporate tax rate is the percentage of income that corporations must pay to the federal government as tax, currently set at 21%.
CP01 Notice
IRS CP01 notice provides taxpayers with their Identity Protection Personal Identification Number (IP PIN), which is essential for protecting their tax return from identity theft.
CP02 Notice
The CP02 notice informs taxpayers about significant changes to their tax account status, including refunds or amounts owed.
CP02 Notice: Refund Processed
The IRS CP02 Notice confirms that a taxpayer’s refund has been processed, outlining any adjustments made to the return.
CP03 Notice
IRS CP03 is sent to notify taxpayers that their tax return is being processed, providing details on the expected refund timeline.
CP03 Notice: Tax Return Processing Status
The IRS CP03 Notice provides an update on the status of a taxpayer’s return, potentially requiring additional action.
CP03A Notice
IRS CP03A is sent to notify taxpayers that their tax return is being processed, including information on expected refund timelines.
CP05A Notice: Information Verification Needed
The IRS CP05A Notice requests additional information from taxpayers to verify entries on their tax return before the refund can be issued.
CP05B Notice: Delayed Refund Processing
The IRS CP05B Notice alerts taxpayers that their refund is delayed due to an ongoing review of their tax return.
CP09 Notice: Earned Income Credit Eligibility
The IRS CP09 Notice alerts taxpayers that they may qualify for the Earned Income Credit and invites them to claim it if eligible.
CP10 Notice
The CP10 notice is sent to notify taxpayers that their refund has been issued, providing details on the amount and method of delivery.
CP10 Notice: Changes to Your Tax Return
The IRS CP10 Notice informs taxpayers of corrections made to their tax return that may impact their refund or balance owed.
CP11 Notice: Additional Tax Owed After Corrections
The IRS CP11 Notice informs taxpayers that corrections made to their tax return resulted in additional tax being owed.
CP12 Notice: Changes to Your Tax Return – Refund or Balance Due
IRS CP12 Notice informs taxpayers of changes made to their tax return due to miscalculations, and explains if a refund is due or a balance is owed.
CP12 Notice: Refund Due After Corrections
The IRS CP12 Notice informs taxpayers that after corrections were made to their tax return, a refund is due.