Glossary

Abatement for Overstated Passive Income Credits involves adjustments made to correct inflated passive income credits claimed, ensuring accurate tax reporting and compliance.

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

Duplicate rental income filings can cause significant confusion and tax implications. Understanding the relief available is crucial for accurate tax compliance.

The Waiver for Incorrectly Reported Capital Gains allows taxpayers to request relief for errors made in reporting capital gains, potentially reducing penalties and interest.

The CP299B penalty is levied by the IRS for inaccuracies in declared charitable contributions on your tax return, emphasizing the need for precise documentation.

Abatement for overstated business loan interest refers to reducing or eliminating excessive interest claims on business loans in tax filings, ensuring accurate tax deductions.

The CP153B Penalty is imposed by the IRS for incorrect filing of real estate income, ensuring proper tax compliance and transparency from taxpayers.

This entry explores relief mechanisms for taxpayers who have incorrectly reported energy tax deductions. It covers the implications, correction paths, and compliance measures involved.

The waiver for misreported partnership deductions is a critical IRS provision allowing partnerships to rectify and mitigate the repercussions of incorrect deduction reporting.

The CP222 penalty pertains to incorrect agricultural tax filings, imposing fines for inaccuracies. Learn how to comply and avoid penalties.