Acronyms
The acronym “SBA” refers to an executive branch agency who administered the Paycheck Protection Program as part of the “7(a) Loan Program.”
What is the “Small Business Administration”?
This Act was signed into law on July 1, 1862 by President Abraham Lincoln. On this date, Congress established the Office of the Commissioner of Internal Revenue under the Department of the Treasury and enacted a temporary income tax to pay the American Civil War expenses. This Act levied internal taxes and established a permanent internal tax system, effectively creating the “IRS”.
What is the “Second Revenue Measure of the Civil War” or “Revenue Act of 1862”?
Established in 1975—in part to offset the burden of Social Security taxes and to provide an incentive to work—this credit is determined by income and is phased in according to filing status: single, married filing jointly or either of those with children. Eligibility and the amount of the credit are based on adjusted gross income, earned income and investment income.
What is the Earned Income Tax Credit, or EITC
When we audit a tax return and make a determination that there is an additional tax liability, the additional tax assessment must generally be processed within 3 years from the date the return was due or from the date on which the return was actually filed, whichever is later. To extend the assessment statute, the IRS generally requests the taxpayer provide this signed consent form.
What is the Form 872 or “Consent to Extend the Time to Assess Tax”?
This Publication includes 10 rights of taxpayers. A copy of this publication is mailed to a taxpayer at the beginning of an exam and are recited to a taxpayer during the initial phone discussion. The rights include: 1) The Right to Be Informed, 2) The Right to Quality Service, 3) The Right to Pay No More than the Correct Amount of Tax.
What is Publication 1, “Your Rights as a Taxpayer” or “The Taxpayer Bill of Rights”?
The acronym “PPP” is a type of Loan that the Small Business Administration fully guaranteed to eligible recipient(s).
What is “Paycheck Protection Program”?
This Act was implemented in 1998 to make the IRS more accountable to the American people by requiring the contact information for IRS employees be included on manually generated correspondence.
What is “RRA 98” or the IRS “Restructuring and Reform Act of 1998”?
This is a tax credit for parents with dependent children. The credit is often linked to the number of dependent children a taxpayer has and sometimes the taxpayer's income level. This credit is a $2,000-per-child tax benefit claimed by filing Form 1040 and attaching Schedule 8812 to the return.
What is the Child Tax Credit, or CTC?
This Form is contained in RGS and can be referred to as Lead Sheet 100-01. It is a place the Revenue Agent or Officer documents actions taken on the case.
What is Form 9984 or “Examining Officer’s Activity Record”?
This Publication is provided to a taxpayer with their final exam report and discusses the examination process. The publication tells taxpayer what to do when you receive a bill from the IRS, what to do if you agree or disagree with the exam results, and how to appeal a decision.
What is Publication 3498?
The acronym “BEARS” represents a system in which users access to obtain entitlements or permission to use an application.
What is “Business Entitlement Access Request System”?
These Acts provide the right for all covered federal employees to make whistleblower disclosures and ensure that employees are protected from whistleblower retaliation.
What is the “The Whistleblower Protection Act of 1989” and/or the “Whistleblower Protection Enhancement Act of 2012”
This credit covers up to $2,500 of the cost of qualified tuition and course materials paid during the taxable year for students who are enrolled at least half-time in the first four years of post-secondary education and are pursuing a degree.
What is the American Opportunity Tax Credit?
This Form used to accompany payments mailed to an IRS Teller in Ogden, UT. It comes in 3 parts: part 1- Recipient’s copy, part 3- Acknowledgment Copy, and part 4- To be retained by originator.
What is the Form 3210 or “Document Transmittal”?
This Publication is provided to a taxpayer when they need a more in-depth explanation on what to do after or at the time they receive a final report with deficiencies. It gives the taxpayer specific instruction on what to do if they don’t agree with the IRS Findings.
What is Publication 5, “Your Appeal Rights and How to Prepare a Protest If You Don’t Agree”?
The acronym “IRM” is a source of information to help taxpayers, agents and examiners understand how the IRS procedures and guidelines work. It is published as mere guidelines for the IRS agents and examiners in following their own procedures.
What is “Internal Revenue Manual”?
This Act was signed into law on March 27,2020. It implemented a variety of programs to address issues related to the onset of the COVID-19 pandemic. It was a $2.2 trillion stimulus bill and authorized direct payments of $1,200 per adult plus $500 per child for individuals making up to $75,000, heads of households making up to $112,500, and couples filing jointly making up to $150,000. It was the first program of the COVID-19 era to place a moratorium on mortgage foreclosure and tenant evictions.
What is the “CARES Act” or the “Coronavirus Aid Relief, and Economic Securities Act”
This credit provides up to a $2,000 credit to offset the costs of any years of post-secondary education, not just the first four, and is available even for people not pursuing a degree.
What is the Lifetime Learning Credit?
This Form is used to add or correct information in the Audit Information Management System (AIMS) and Examination Return Control System (ERCS).
What is Form 5348 or “AIMS/ERCS Update (Examination Update) form”?
This Publication is given to a taxpayer when soliciting for statute extensions. It begins with information regarding the background on assessment statutes of limitations and it’s restrictions, and also discusses the types of consents, length of extensions, and taxpayer’s options.
What is Publication 1035, “Extending the Tax Assessment Period”?
The acronym “IRC” is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes.
What is “Internal Revenue Code””?
This act was signed into law March 18, 2020. Effective April 1, 2020 through December 31, 2020, provided expanded nutrition assistance, provided businesses with tax credits to cover certain costs of providing employees with paid sick leave and expanded family and medical leave for reasons related to COVID-19, enhanced unemployment insurance, free coronavirus testing, and increased federal Medicaid funding.
What is the “FFCRA” or “Families First Coronavirus Response Act”
This credit allows taxpayers to receive a credit for foreign taxes they pay on income that is also subject to U.S. income tax.
What is a Foreign Tax Credit?
This Form is used to list all capital gain and loss transactions. The subtotals from this form will then be carried over to Schedule D on Form 1040 where gain or loss will be calculated in aggregate.
What is Form 8949 or “Sales and Other Dispositions of Capital Assets” form?
This Publication will guide a taxpayer to IRS.gov and provide them information on how to access, register, and communicate through the IRS new TDC system, Taxpayer Digital Communication system.
What is Publication 5828, “Secure Messaging for SB/SE Field Exam”?