Glossary

The CP284 Penalty is imposed by the IRS for errors in business tax payments due to underpayment or incorrect filing. Understanding this penalty can help businesses maintain compliance and avoid financial penalties.

The Waiver for Incorrect Employer-Reported Wages helps taxpayers address discrepancies between actual income and employer-reported figures on tax documents.

Relief for overstated energy tax credits offers taxpayers a mechanism to correct erroneous claims on energy-related tax credits, potentially avoiding penalties and ensuring compliance.

The CP277 Notice alerts taxpayers about errors in their reported 1099-G income. It's crucial for ensuring accurate tax reporting and avoiding penalties.

Abatement for misreported self-employment taxes allows taxpayers to correct errors in reporting, avoiding penalties and maintaining compliance with IRS guidelines.

Relief for overstated business property deductions allows taxpayers to correct errors in their deductions safely, avoiding penalties through specific IRS provisions.

A Waiver for Duplicate Trust Filings addresses situations where trusts inadvertently submit multiple filings. It aids in rectifying errors and avoiding duplicate efforts.

CP136 penalties arise when a taxpayer inaccurately reports pension contributions, resulting in fines and requiring corrective action in compliance with tax regulations.

Abatement for missed foreign asset disclosures helps taxpayers minimize penalties for not reporting foreign assets properly. This process is crucial for tax compliance.

Relief for Duplicate Partnership Filings provides guidance and mitigation steps for partnerships inadvertently filing multiple returns for the same taxable period.