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IRS CP 107- Reminder Notice of Tax Due

IRS uses CP107 to notify you that you filed Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons. The IRS found a math error when processing the return.

IRS CP 107- Reminder Notice of Tax Due

 

IRS uses CP107 to notify you that you filed Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons. The IRS found a math error when processing the return. Often, this arises from taxpayer reporting different amounts of federal tax deposits than the IRS has credited to taxpayer's account. The IRS sent CP107 to inform taxpayer of the changes.

 

What You Need to Do?

  • Read the notice carefully
  • Compare the figures on the notice with your tax return.
  • Contact us within 60 days of the date of your notice if you disagree with the changes we made. Please have your account information available when you call.
  • Correct the copy of your tax return you kept for your records if you agree with our changes. Keep this notice for your records.
  • Pay the amount you owe by the payment due date on the notice.
  • Contact us to make payment arrangements if you can’t pay the full amount you owe. You can also read about payment options here.
  • Download a copy of Instructions for Form 1042. If you need additional forms or publications, you can find them here, or you can call 1-800-TAX-FORM to request them by mail.

 

What are your options?

 

 

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What is my first step?

If you received a letter or notice, a decision has to be made. Do you feel confident to handle this situation on your own? If it is a simple issue and you already know the answer, call or write them. If the issue is more complicated, you need to hire a Certified Tax Resolution Specialist. The IRS or State will take full advantage of your lack of knowledge and experience.

What is Your Next Step?

The next step is to determine if the notice was sent in error. Do you have an outstanding tax liability? Do you have unfiled or incomplete returns?

Is There a Time Limit?

Yes, each letter or notice from the IRS or State will indicate a date that you MUST to contact them by. If you need more time, call the number on the notice or letter and request an extension. DO NOT ALLOW the time to expire without contacting them or hiring a representative to contact them for you.

What You Don’t Want to Do!

What you don’t want to do is nothing. Your tax problems will only get worse if you ignore them. If you cannot pay, there are a number of potential solutions available to those who are otherwise in compliance. In compliance means having all tax returns filed and any balances paid or on a payment plan. If you have outstanding debts or unfiled returns, you need to get hire a Certified Tax Resolution Specialist.

Get Some Help

If you don’t know how to address the issue(s), have unfiled return/unpaid balances or just done feel confident, let the experts at Legacy Tax & Resolution Services represent you. Work with our team of Certified Tax Resolution Specialists to resolve your issue(s) quickly. Best of all, you don’t have to talk to the IRS or State; we can speak on your behalf.

 

 

Download our Special Report “ I Just Received an IRS Notice, What Do I Need To Know?”

In it you will find next steps, dos and don’t and information about your options

 

 

 

 

 

 

 

 

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Stop the stress and resolve your problems!

 

Call 800-829-7483 for a FREE Consultation

 

See our Tax Help Video Library

Ask a Question via e-mail

 

Also See

Can I Go To Jail For Owing Taxes?

Why Shouldn’t I Just Use my Own CPA or Attorney to Help Me With This Tax Problem?

What is an Offer in Compromise in a nutshell?

I have Let This Get Out of Control. How Soon Could You Start Working On My Behalf?

How are you compensated?

Several Tax Resolution Companies have called Me! Why Should I Hire Legacy Tax % Resolution Services?

Do I Need Local Tax Representation?

How Do I Know If My Situation Qualifies to Have my Tax Bill Reduced?

How Long Does the IRS Have to Collect Back Taxes From Me?

I Have a Deadline With the IRS (or State) Right Around the Corner. Is It Too Late for Legacy Tax & Resolution Services to Help?

 

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