Glossary

The CP177 penalty enforces accurate reporting of trust assets. It ensures compliance and accuracy in the financial reporting of trust holdings.

Relief for overstated home office deductions helps taxpayers correct inaccuracies in tax filings related to home office expenses, avoiding potential penalties.

The Waiver for Underreported Estate Tax Liabilities helps taxpayers manage issues related to underreporting estate taxes, ensuring compliance and mitigating penalties.

The CP295 penalty addresses errors related to incorrect tax identification numbers on filed tax documents, helping ensure accurate reporting and compliance.

Abatement for missed non-profit filing deadlines provides relief from penalties imposed for late submission of mandatory IRS forms, ensuring compliance and financial stability for organizations.

Discover what relief options are available for taxpayers who have overstated personal property deductions on their tax returns and how to avoid related penalties.

A 'Waiver for Incorrect Small Business Credits Claimed' refers to a provision that may allow businesses to avoid penalties for inaccurately claimed tax credits, promoting compliance and correct filing.

The CP265 penalty is imposed by the IRS on taxpayers who overstate their charitable contributions, leading to potential fines and adjustments in tax filings.

Learn about the process for obtaining relief from the IRS for incorrect K-1 income reporting, including compliance requirements and potential penalties.

Abatement for Duplicate S-Corporation Filings involves resolving issues arising from multiple tax submissions to prevent penalties and ensure compliance.