Barred Refund Claim
A barred refund claim means the IRS will no longer honor your request for a tax refund because it was filed too late. Understanding time limits is crucial for getting your money back.
Certified Mail for IRS Notices
Certified mail provides proof that the IRS sent you an official notice, and importantly, that you received it. This documentation can be vital for protecting your rights and avoiding penalties.
Collection Due Process (CDP) Hearing
A Collection Due Process (CDP) hearing is your opportunity to discuss your tax debt with the IRS and potentially avoid aggressive collection actions. This hearing allows taxpayers to explore options for resolving their tax liabilities before the IRS takes steps like levies or liens.
Earned Income Credit (EIC)
The Earned Income Credit (EIC) is a refundable tax credit designed to help low- to moderate-income workers and families, potentially leading to a larger tax refund or reducing the amount of taxes you owe. It's an important tool to help those who work hard get a little extra help.
Estimated Tax Payments
Estimated tax payments are how self-employed individuals, investors, and others with income not subject to regular withholding pay their income taxes to the IRS throughout the year. They help taxpayers avoid penalties for underpayment of taxes.
Filing Deadline
A filing deadline is the specific date by which you must submit your tax return to the government. Meeting these deadlines is crucial to avoid penalties and interest charges.
Financial Hardship
Financial hardship refers to a situation where someone struggles to meet their basic financial obligations. Understanding what constitutes financial hardship is important for accessing potential tax relief programs.
First-Time Abatement (FTA)
The First-Time Abatement (FTA) is an IRS program that provides penalty relief for taxpayers who have a clean tax history but made an error resulting in penalties. This program can offer a fresh start to those who unintentionally made a mistake.
Fraud Penalty
A fraud penalty is a severe consequence imposed by the IRS when taxpayers intentionally try to cheat on their taxes. It's much more serious than a simple mistake.
IRS Notice CP2000: Underreported Income
An IRS Notice CP2000 indicates the IRS believes you didn't report all your income. It's important to understand this notice and respond correctly.