The IRS is back – at least when it comes to the sending of millions of letters to taxpayers whom it believes underpaid their taxes.  The letter takes the form of a CP14 and it is important not to ignore these notices.

Just because you get a notice does not mean that you necessarily owe the additional amounts due shown by the IRS. A CP14 means that the IRS shows a balance due on a tax return. This could be due to a number of things including missing payments or credits. Check the notice to see if it accounts for all the payment shown on your return. If for some reason a payment is missing, or was mis-posted by the IRS you will need to provide proof of payment and a timely response to the IRS.

If the CP14 is correct and all payment have been accounted for, will need to pay the amount shown as the balance due. The CP14 notice will tell you how much you owe and request payment within 21 days.

Paying the amount shown by the due date will avoid the assessment of additional interest.

If you don’t pay the amount due within 60 days, the IRS can move to collect on the balance and even place a lien on your property, such your home or your car.

If you believe the IRS notice is incorrect or need help, give us a call and we will be happy to assist you

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