IRS Notice CP523: Defaulted Installment Agreement
An IRS Notice CP523 means you've defaulted on your payment plan (installment agreement) with the IRS. This notice requires immediate attention to avoid more serious consequences.
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.
Substitute for Return (SFR)
A Substitute for Return (SFR) is a tax return the IRS creates on your behalf when you fail to file your own. It's important to understand what this means and how to avoid it.
CP90 Notice – Final Notice of Intent to Levy and Notice of Your Right to a Hearing
A CP90 Notice is the IRS's final warning that they intend to seize your assets to pay off your tax debt. This notice also informs you of your right to request a hearing.
Delinquent Return
A delinquent return is a tax return that is filed after its official deadline. Filing late can lead to penalties and interest charges.
Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EITC) is a refundable tax credit for low-to-moderate income working individuals and families, designed to reduce the tax burden and supplement income. It can be a big help for those who qualify.