Glossary

Relief for Incorrect Reporting of State Refunds offers taxpayers guidance on rectifying errors in state tax refund reporting, promoting compliance and reducing penalties.

Abatement for missed employer tax deadlines is a relief mechanism that may allow employers to reduce or eliminate penalties incurred for missing IRS tax filing deadlines.

The CP182 penalty is levied by the IRS for providing incorrect bank information, especially regarding tax refunds or payments. Learn its implications and how to avoid it.

Relief for Misreported Annuity Income provides taxpayers options to correct inaccuracies in reported annuity income, avoiding penalties and ensuring compliance.

The abatement for late estimated payments on retirement distributions offers relief from penalties for taxpayers who miss payment deadlines. Understanding its criteria and application is crucial for financial compliance.

The waiver for incorrect Social Security income reporting assists taxpayers in resolving errors made in reporting Social Security income on their tax returns, potentially avoiding penalties.

Relief for Misreported K-1 Income addresses errors in income reported on Schedule K-1, providing taxpayers options to correct inaccuracies without penalties.

Abatement for unfiled extensions refers to the IRS provision allowing taxpayers to reduce or eliminate penalties for failing to file extensions on time if they meet specific criteria.

The CP195 Notice is issued by the IRS to inform businesses of a penalty for late payment of employment taxes. Understanding the notice helps ensure compliance and avoid further penalties.

Relief for unreported rental income allows taxpayers to voluntarily disclose previously unreported rental earnings to minimize penalties and fulfill tax obligations.