IRS Notice CP 14- Notice of Balance Due
IRS Notice CP 14 is sent to a taxpayer to show the outstanding Tax Liability for a specific year. It typically takes 60 days for the IRS to process your return and send you a notice of a balance due. Next The IRS will start a series of letters (CP 501, CP503 and CP504), as a reminder of the balance owed
What Should I Do Next with CP-14?
The first thing that you should do is determine if the balance owed is correct. Make sure all withholding and estimated payments were properly applied. If a payment was not correct applied, provide a copy of the front and back of the check and any other payment information. Verify that any other withholding listed the correct social security number and name. Sometimes if the name on the withholding source document does not match the name listed under your social security number, with the Social Security Administration it can also cause a problem.
If everything is correct and you simply miscalculated the taxes paid, you will want to make arrangement to pay the balance by the due date on the notice. If you fail to pay by the balance due by the due date, you will be accessed additional penalties and interest. If you do not have the money to pay in full, you can request an installment agreement which allows you to pay over time.
What If I Don’t Agree With the CP 14 Notice That I Received?
If you do not agree with the CP 14, you will want to preparer a letter of dispute and attach any supporting documentation. Of course, nature of the dispute has a lot to do with the action that you can take. If the nature of the dispute is extremely complex, you may need to seek representation.