Glossary

A levy release is the IRS's action of removing a legal seizure on your property or assets due to unpaid taxes. Understanding this process is key to regaining control of your finances.

The Trust Fund Recovery Penalty (TFRP) is a penalty the IRS may impose on individuals responsible for a business's unpaid payroll taxes. It's important to understand how this penalty works to avoid potentially serious financial consequences.

Wage garnishment is a legal process where a portion of your paycheck is withheld to pay off a debt. It’s crucial to understand how it works and how to prevent it.

IRS Notice CP90 is a serious final notice from the IRS informing you of their intent to levy (seize) your assets to pay your back taxes. It also notifies you of your right to a hearing to dispute the levy.

IRS Form 8857 is used to request relief from tax liabilities, penalties, and interest resulting from the errors of a spouse or former spouse. It can help protect you from the tax burden created by your partner.

IRS Form 433-F, also known as the Collection Information Statement, is a form used by the IRS to gather details about your financial situation if you owe back taxes. It helps them determine your ability to pay and explore possible payment options.

IRS Letter 3172 is a formal notification that the IRS has filed a federal tax lien against your property. This letter also informs you of your right to request a hearing about the lien.

Form 4868 is an IRS form that allows you to request an automatic extension of time to file your individual income tax return. This doesn't give you extra time to pay, just extra time to file.

IRS Form 940 is used by employers to report their annual federal unemployment (FUTA) tax liability. This form helps fund unemployment benefits for workers who have lost their jobs.

IRS Form 944 is an annual tax form that certain small employers use to report their federal employment taxes. It simplifies the process for very small businesses with low tax liabilities.