Glossary

Abatement for Incorrect Earned Income Reporting allows taxpayers to reduce or eliminate penalties due to unintentional errors in reporting earned income on tax returns.

The CP275 Notice is an IRS notification to a taxpayer about a missing Schedule K-1 from their tax filings. It is crucial for addressing discrepancies in partnership income reporting.

Relief for Incorrect Capital Gains Reporting involves correcting errors in reported capital gains to ensure compliance with tax laws, potentially avoiding penalties.

Abatement for Unreported Mortgage Interest covers adjustments and relief provided by the IRS for taxpayers who failed to report mortgage interest on their tax returns.

The waiver for incorrectly reported 1099 forms is a tax relief option that helps mitigate penalties when discrepancies or errors are found in 1099 filings.

The CP104 notice entails the penalties imposed for late filing of estate tax returns, highlighting critical compliance requirements and repercussions of delays.

Abatement for Late Reporting of IRA Distributions involves penalty relief for taxpayers who report IRA distributions past the deadline but meet specific IRS criteria.

Relief for Incorrect Reporting of Dividends allows taxpayers to rectify errors in dividend reporting, avoiding unnecessary penalties through accurate compliance measures.

A Waiver for Underreported Small Business Income allows businesses to avoid penalties on income reporting discrepancies if they meet specific criteria.

The CP141 penalty is imposed by the IRS when a taxpayer submits incorrect quarterly payroll tax reports. It's crucial to maintain accuracy to avoid these penalties.