The IRS sends the CP-14 as an important notification to the person that an amount is due that is required to be paid back in full in order to avoid consequences with the Internal Revenue Service. Notice 1212 "Automated Telephone Service," Publication 1 "Your Rights as a Taxpayer," and Form 2210 "Underpayment of Estimated Tax by Individuals, Estates & Trusts" may be included with IRS Notice CP14 (Balance Due), which itself is a very simple form of your balance owed.
The Key Reason Why the IRS Sends You a CP 14 Remainder Owed
The IRS wants you to understand first and foremost that an IRS Notice CP14 is not a math oversight notification like other sorts of IRS notifications are. Established by your tax return enclosed, the Internal Revenue Service Notice CP-14 is made to show you just how much you owe. In the event you proceed to examine the IRS notice, you're going to see the debt owed by you and the tax credits that have been applied towards your account.
Corrective Actions Pertaining to IRS Notice CP-14
The very first thing you should do to stop corrective measures from the IRS should be to review the list of repayments the IRS placed on the information as outlined on IRS Notice CP-14. If you're lucky, this particular CP 14 Balance Due notice may simply be the outcome associated with incorrectly applied payment made by you to the Internal Revenue Service. If you do your analysis and find out how the IRS is at fault, it will grow to be your responsibility to demonstrate the IRS faulty and provide evidence of the repayment you paid for the IRS. Help to make the mistakes in CP-14 apparent to the IRS, and they will get rid of, or lessen, many penalties and interest caused because of the under-payment from the tax debt.
It can be crucial to evaluate your files and see that the information included on IRS Form CP 14 is accurate, if it is, it is best to pay off the amount owed by the day outlined on the notification. If you don't pay the amount the IRS mandates of you on CP 14, you can expect the IRS to adopt the "non-passive" technique and get money from your very own salary or bank account by force, along with various other punitive measures.
Learn How to Contest CP14 Balance Outstanding
You will have to discuss the exact quantity you must pay back to the IRS if you do not think the amount of taxes owed the IRS states you owe in CP 14 is accurate. It could be hard to prove why you do not accept the amount due towards the IRS without quality tax advice working for you or enough records to deliver your position.
Below are frequently occurring factors and explanations for why the amount listed in Notice CP 14 from the IRS is incorrect.
Lost Payment: You will have received IRS Notice CP14 in the mail mainly because of missing a monthly payment. Do not be scared to let the IRS learn that you definitely settled so they can get started looking for the transaction. After a little checking if the IRS cannot locate information that you paid the IRS, they may ask you to look over the specifics printed out on the backside of most checks. The IRS will document that information and halt any collection efforts while looking. If the payment you made to the IRS can't be found anywhere in the IRS account records, you'll be requested to give hard proof such as a copy of the check used to pay .
More Details about IRS Notice CP 14
Usually, IRS Notice CP-14 issues are normally settled easily. Just how triumphant you are regarding IRS Notice CP 14 will depend on your knowledge of the IRS' elaborate regulations. If you feel like you don't even know where to get started, you might need to get in touch with a tax debt expert. You do not have to do business with a tax professional, but if you do, only work with organizations you have meticulously researched to make sure you receive the highest quality of service obtainable.