Glossary

Taxpayer Bill of Rights

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IRS Collection Letter

An IRS Collection Letter is sent to taxpayers when there are outstanding debts or unpaid taxes. It outlines the amount due, payment options, and consequences of noncompliance.

Business Debt Reconciliation Letter

A Business Debt Reconciliation Letter is a document that helps businesses address and resolve discrepancies between their financial records and outstanding debts, enhancing financial compliance.

Statewide Renewable Workforce Equity Credit

The Statewide Renewable Workforce Equity Credit is a tax incentive aimed at promoting diversity and equity in the renewable energy workforce. It provides credits to employers who hire and train individuals from underrepresented groups for roles in the renewable sector.

Amortization

Amortization is a way to gradually deduct the cost of certain assets over time. It's similar to depreciation but applies to intangible assets instead of physical ones.

Taxpayer Payment Confirmation Notice

The Taxpayer Payment Confirmation Notice is an official document that verifies the receipt of a tax payment by the tax authority, acknowledging that the taxpayer’s obligation for the specified amount has been fulfilled.

Premium Tax Credit

The Premium Tax Credit (PTC) aids individuals and families in covering health insurance premiums purchased through the Health Insurance Marketplace. It aims to make healthcare accessible and affordable.