Interest on Penalties
Interest on Penalties refers to the additional charges levied on unpaid tax penalties, increasing overall financial obligations.
Penalty Notice
A Penalty Notice is issued to inform taxpayers of a failure to comply with tax obligations, possibly resulting in financial penalties. It’s crucial for ensuring compliance.
IRS Collection Appeal Process
The IRS Collection Appeal Process allows taxpayers to contest IRS collection actions. It provides a structured path to dispute IRS decisions on levies, liens, and property seizures.
Taxpayer Advocate Service (TAS)
The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that provides free assistance to taxpayers in resolving tax-related issues and ensuring their rights are preserved.
Substantial Understatement Penalty
The Substantial Understatement Penalty is a tax penalty imposed on taxpayers who significantly understate their tax liability. This penalty encourages accurate tax filings.
Willful Negligence
Willful negligence in tax matters refers to knowingly failing to comply with tax laws, involving deliberate oversight or disregard for compliance obligations.
Statutory Exemption
A statutory exemption provides taxpayers with relief from certain taxes under defined conditions. It's crucial for minimizing tax liabilities and ensuring compliance.
Penalty Relief
Penalty Relief helps taxpayers avoid or reduce penalties imposed by the IRS for late filings or payments, encouraging compliance with tax regulations.
IRS Form 843 (Claim for Refund and Request for Abatement)
IRS Form 843 is used to request refunds or abatements of taxes, interest, or penalties. This form aids taxpayers in resolving overpayments or contested charges.
Civil Penalty
A civil penalty is a financial penalty imposed by tax authorities for non-compliance with tax laws, aiming to enforce regulations and deter future violations.