Nothing can make your blood run colder than receiving a letter from the IRS, but with each of the 75 options for letters or notices from the IRS, it's important to remember not to panic.
Letters from the IRS describe, quite clearly, tax issues at hand, and many are not indications of a bad situation. The IRS usually sends out letters or notices if:
There was an error or omission on your tax return and additional tax payment is required
There was an error and you are due a greater refund
The IRS requires additional information regarding your tax return
The IRS assigns a number to every notice that leaves their office, which is generally printed at the top of each letter. This helps IRS employees track correspondence from thousands of citizens.
Most letters from the IRS contain specific instructions to help complete your tax return. Each notice or letter will require some action on your part, but most will not require anything significant. After reviewing the letter, it's important to compare the information received or requested from the IRS to the information that you provided to them during the period in question. If there is a discrepancy, this should be noted as soon as possible.
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When submitting any information to the IRS, it's good practice to keep copies for your own records. If you're unsure of what to do about the IRS notice you received, contact Peggy’s Tax & Accounting Svc LLC for a consultation!
Some of the more common letters from the IRS include:
CP 88 - Delinquent Return Refund Hold- This notice is used to notify the taxpayers that the IRS is holding their tax refund because they have unfiled tax returns for a different year
CP501 - Reminder Notice - Balance Due- This is the first notice that you'll receive from the IRS if you have an overdue account
CP501 - Second Request Notice - Balance Due- If you have not paid the balance of your account, you'll receive a second notice
CP504 - Final Notice and IRS Intends to Levy - Balance Due- If the amount is not paid in full, this is the third and final notice before the IRS gets serious and starts searching for assets to levy
CP 90 / CP 298 – Final Notice Before Levy on Social Security Benefits- This IRS letter is notification that a levy be put against assets and any retirement benefits, salaries, real estate, automobiles, bank accounts etc. can also be included in the levy
CP 297A – Notice of Levy and Notice of Right to a Hearing- This notice identifies that a levy has been issued against assets, benefits, real estate, salaries
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