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Tax Terms and Glossary: N

National IRS Expense Standards – These five categories of expenses are food, housekeeping supplies, services and apparel, personal care products, and miscellaneous.
National Standards – IRS allowance standard for food, clothing, personal care, and other expense items. The only exception to the national standards is Alaska and Hawaii because of their significantly higher expenses. The IRS allows a taxpayer to claim the entire amount, regardless if you and your family actually spend the total amount.
Necessary Expenses – The allowable expenses under the IRS National Standards needed to support you and your family’s health, welfare and viable production of income.
Net Available Income – The remaining income after your reasonable and allowable expenses are deducted from you gross income.
Non-Liable Party (NLP) – An individual who shares a taxpayers living expenses but is not liable for the taxpayer’s tax debt.
Notice of Deficiency – The IRS sends this letter to taxpayers to inform them that there is a deficiency in their tax payments between what they paid, and what they actually owe. The notice is filed and gives taxpayers 90 days (150 days if you are living outside of the US) to either consent to the liability of file a petition with the United States tax court and petition the liability.
Notice of Federal Tax Lien – IRS notice that a tax lien has been issued against your social security number, credit report, assets, and property, whether or not you do or do not own any assets. The Notice of Federal Tax Lien is received within 30 days of the lien being filed.
Notice of Intent to Levy – IRS letter notifying a taxpayer or business entity that an unpaid tax is owed to the IRS and that the IRS intends to collect on that amount by levying a taxpayer’s asset, if the taxpayer does not attempt to resolve the debt. The IRS has to give notice at least 30 days before any levy can be placed. If the IRS cannot reach you, they will send the letter to your last know place of residence regardless if you still actually live there.
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