Glossary

Abatement for Incorrect Educational Credits helps taxpayers correct errors related to educational tax credits claimed on their returns, mitigating penalties and ensuring compliance with tax laws.

The CP278 Late Filing Penalty is issued by the IRS to tax-exempt organizations that fail to file required returns on time.

Relief for Incorrect Depreciation Deductions helps taxpayers correct errors related to depreciation claims on their tax returns, preventing penalties and ensuring compliance.

A Waiver for Non-Profit Filing Errors allows eligible non-profits to seek relief from penalties due to filing mistakes, facilitating compliance and financial health.

The CP102 notice is issued by the IRS when a taxpayer makes an incorrect payment on their account, which may lead to penalties and the need for corrective action.

Relief for Incorrect Partnership Filings involves IRS provisions and procedures that allow partnerships to correct tax filing errors without incurring penalties.

Abatement for late state tax payments involves reducing or eliminating penalties imposed on individuals or businesses that have failed to pay their state taxes on time.

The CP270 notice informs taxpayers of penalty adjustments related to amended tax returns. It's critical for ensuring compliance with IRS regulations.

Relief for Overstated Business Income refers to tax adjustments available for businesses that have reported higher income than what was accurately earned, providing a path to reconcile and correct such discrepancies.

A waiver for business startup filing errors provides relief from penalties for specific mistakes made during initial filings. Learn about its significance and compliance requirements.