Tax Debt Resolution Glossary | Key IRS Terms & Notices Explained

Form 1099-K – Payment Card and Third Party Network Transactions (reiterated here for crypto traders)

Form 1099-K reports payments you receive through payment cards or third-party payment networks. For crypto traders, it's crucial for understanding and reporting your transactions correctly.

Form 1099-B – Proceeds from Broker and Barter Exchange Transactions

Form 1099-B reports proceeds from sales of stocks, bonds, and other securities, as well as from barter exchanges. Understanding this form is crucial for accurately filing your taxes, particularly if you invest or engage in bartering.

Form 8835 – Renewable Electricity Production Credit

Form 8835 is used to claim the renewable electricity production credit, which helps businesses that generate electricity from renewable sources lower their tax bill. It encourages investment in clean energy.

Form 8912 – Credit to Holders of Tax Credit Bonds (noted earlier under specialized credits)

Form 8912 is used by holders of certain tax credit bonds to claim a credit on their federal income tax return. This credit helps incentivize investment in these types of bonds.

Form 5330 – Return of Excise Taxes Related to Employee Benefit Plans

Form 5330 is an IRS form used to report and pay excise taxes related to certain issues with employee benefit plans, like retirement plans or health plans. It helps ensure these plans are managed according to tax rules.

Form 5500-EZ – Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan (reiterated under retirement categories)

Form 5500-EZ is an IRS form used by small business owners and their spouses to report information about their one-participant retirement plans. It’s a way to keep the government in the loop about your retirement savings.

Form 3903 – Moving Expenses

Form 3903 is an IRS tax form used to claim deductions for eligible moving expenses when you move for work. Understanding this form can help you reduce your tax burden if you qualify.

Form 4952 – Investment Interest Expense Deduction (highlighted earlier under investment categories)

Form 4952 helps you figure out how much of the interest you paid on loans used for investments can actually lower your tax bill. It’s all about deducting those investment-related interest expenses.

Form 8275 – Disclosure Statement (reiterated here for general tax compliance)

Form 8275, the Disclosure Statement, is used to inform the IRS about tax positions you've taken that might be questionable or contrary to tax law. It's a way to avoid penalties if you have a reasonable basis for your tax position.

Form 8886 – Reportable Transaction Disclosure Statement (previously noted under tax avoidance disclosures)

Form 8886, also known as the Reportable Transaction Disclosure Statement, is an IRS form used to report certain tax-sheltering transactions. Understanding this form is key for taxpayers engaging in complex financial activities.