Essential Tax Resolution Terms
Every industry has its own language and terms. These words and phrases can be confusing to anyone who is not part of the daily operations of a specific industry, and the accounting business is no exception.
So, to help you understand the terms, acronyms, and phrases regularly used when working with a licensed tax agent, Fresh Start Tax Relief Services has created this handy reference guide. Here you'll find valuable information allowing you to comprehend and communicate your tax needs effectively.
Offer in Compromise: It's referred to as an OIC and involves offering a settlement amount to the IRS.
Penalty Abatement: It removes penalties associated with your tax debt.
DDIA: This is an acronym for Direct Deposit Installment Agreement. It's an installment agreement directly debited from your bank account by the IRS.
CNC: Stands for Currently Not Collectible and means that the IRS will not try to collect the debt from you immediately. They will also not send you to any 3rd party collection agency, nor will they try to garnish or levy you for the amount.
CSED: This is an acronym for Collection Statute Expiration Date. It's the date your tax debt will expire.
Levy: It's when the IRS collects monies owed to them by you without your consent, either through your bank account or wages.
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If you're looking for a licensed tax agent, contact the experts at Fresh Start Tax Relief Services. We specialize in tax relief, tax resolution, tax settlement, and tax liability.
We serve taxpayers in every single county of California. We also reach out nationwide and cover Texas, Illinois, Florida, Arkansas, Massachusetts, Colorado, Washington, Idaho, Arizona, and the surrounding areas.