CP504 Notice – Notice of Intent to Levy
A CP504 Notice is a formal notification from the IRS that they intend to levy your property or assets to pay off unpaid taxes. It's a serious warning that requires prompt action.
CP14 Notice – Balance Due
A CP14 Notice from the IRS is a notification that you owe taxes. It's important to understand what it means and respond appropriately.
Bankruptcy and Tax Debt
Bankruptcy is a legal process that can help individuals and businesses manage overwhelming debt, including some types of tax debt. However, not all taxes are treated the same in bankruptcy, making it a crucial area to understand.
Amended Return (Form 1040X)
An amended return, also known as Form 1040X, is used to correct errors or make changes to a previously filed tax return. It's your chance to fix mistakes and potentially get back money you're owed.
Adjusted Gross Income (AGI)
Adjusted Gross Income (AGI) is your gross income minus specific deductions. It's a crucial figure that affects many tax benefits.
Abatement
An abatement is essentially a reduction or cancellation of a tax, penalty, or interest owed to the IRS or state tax authorities. It can offer relief to taxpayers who have legitimate reasons for not meeting their tax obligations.