Tax Debt Resolution Glossary | Key IRS Terms & Notices Explained

Form 8857 – Request for Innocent Spouse Relief (cross-referenced under relief forms)

Form 8857 is the official IRS form used to request innocent spouse relief. It can protect you from tax liabilities caused by your current or former spouse’s errors on a joint tax return.

Form 8332 – Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent

Form 8332 is a crucial IRS document used by divorced or separated parents to determine which parent can claim a child as a dependent for tax purposes. It helps avoid confusion and ensures both parents don't claim the same child.

Form 1120-PC – U.S. Property and Casualty Insurance Company Income Tax Return

Form 1120-PC is the specific tax return form used by property and casualty insurance companies to report their income, deductions, and calculate their federal income tax liability. It's a specialized form catering to the unique nature of the insurance industry.

Form 1120-L – U.S. Life Insurance Company Income Tax Return

Form 1120-L is the specific tax form that U.S. life insurance companies use to report their income, deductions, and tax liability to the IRS. It’s crucial for these companies to file this form accurately to comply with federal tax law.

Form 1120-H – U.S. Income Tax Return for Homeowners Associations

Form 1120-H is the specific tax return that homeowners associations (HOAs) use to file their federal income taxes. It helps HOAs comply with tax laws and manage their finances correctly.

Form 1120-F – U.S. Income Tax Return of a Foreign Corporation

Form 1120-F is the specific tax return that foreign companies with business activities in the U.S. must file with the IRS. It's how the U.S. government taxes income that foreign corporations earn from U.S. sources.

Form 1120-C – U.S. Income Tax Return for Cooperative Associations

Form 1120-C is the specific tax return that cooperative associations use to report their income, deductions, and tax liabilities to the IRS. Understanding this form is essential for cooperatives to maintain compliance.

Form 8865 – Return of U.S. Persons With Respect to Certain Foreign Partnerships

Form 8865 is an IRS form used by U.S. taxpayers who have an interest in a foreign partnership. It helps the IRS track income, deductions, and credits from these partnerships.

Form 1065-B – U.S. Return of Income for Electing Large Partnerships

Form 1065-B is a special tax form used by certain large partnerships to report their income, deductions, and other financial information to the IRS. It streamlines tax reporting for these complex businesses.

Form 5754 – Statement by Person(s) Receiving Gambling Winnings

Form 5754 is an IRS form used to report shared gambling winnings, ensuring that the correct individuals are taxed on their portion of the prize. It's important to fill out accurately to avoid tax problems.