How to deal with notices or letters from the IRS?
The Internal Revenue Service (IRS) sends different types of balance-due notices. Some of these are Demand for Payment, Notice of Tax Due, and Notice CP14. At times, even if you have paid your complete taxes, you can get the CP14. This balance-due notice implies you owe money for unpaid taxes. This notice requires you to make a payment within 21 days. In case you fail to pay the money within 60 days, the IRS continues its procedure of collection activity.
What should you do if you get a CP14 Notice?
Your first outlook must be not to ignore this notice. You have to read it completely and store it at a secure place. The next activity is to confirm whether you have paid the taxes. If you have evidence that you have disbursed the apt tax amount, there is no need to repay it.
How should you respond to the IRS?
There may be a correspondence backlog due to which your tax payment has not been processed. Creating an online account that monitors whether your payment has been applied is advisable. Lastly, it is essential to respond to the IRS. Starting from the date of the CP14 notice, you need to respond within 60 days. To ensure compliance with the terms of the notice, you can send your information by mail or call the number on your notice.
You may have to face more complex issues with the IRS. The most optimum and dependable way is to approach silvertaxgroup.com so that you can leverage the services of seasoned tax attorneys to manage your IRS issues. This Silver Tax Group is a tax defense firm that helps its clients with qualified tax attorneys to deal with cases related to your financial issues, property, and wages.
What should you do if you owe taxes?
If you find that the CP14 notice is correct and you have made an error while paying taxes, the proper way is to pay your tax debt at the earliest. It results in minimizing the penalties and the interest charged by the IRS. In some scenarios, it is not feasible for you to pay the full tax amount until the date printed on the notice. At this juncture, there are many payment options. Some of these are an offer in compromise, installment agreements, and short-term extensions. Every payment option is related to varying requirements and levies a fee. You can select one of these considering the type of tax you owe and the amount of this tax. You must reply to the IRS by the date mentioned in the notice. Failure in this regard results in you losing some appeal rights.
The IRS sends every letter and notice with a telephone number in the upper right-hand corner. Sometimes, a specific employee of the IRS works on your case. On such occasions, the document has that employee’s phone number or the department manager’s particular phone number. In other cases, the document displays the IRS toll-free number (800) 829-1040.