Glossary

IRS Notice of Deficiency

An IRS Notice of Deficiency is a formal letter from the IRS stating that they believe you owe additional taxes. Understanding this notice is crucial for protecting yourself and your assets.

Levy

A tax levy is a legal seizure of your property by the IRS to pay off your overdue tax debt. It's a serious action and understanding it is key to protecting your assets.

Lien

A lien is a legal claim against your property, acting as security for a debt. It's important to understand liens as they can affect your ability to sell or refinance your assets.

Offer in Compromise (OIC)

An Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS that allows the taxpayer to resolve their tax debt for a lower amount than what they initially owe. It's a powerful tool, but it's not for everyone.

Partial Payment Installment Agreement (PPIA)

A Partial Payment Installment Agreement (PPIA) is an option from the IRS for taxpayers who can't afford to pay their full tax debt but can make some payments each month. It allows you to manage your tax liability with more manageable monthly amounts.