Monday June 13, 2022 – The IRS is not too active collecting immediately after tax season. After all, they have a lot to do. But, come to the end of June, into July, expect the IRS to start contacting you about any unpaid tax, or any questions they might have about matching information returns with tax returns.
IRS Form CP14 is the first in a series of letters the IRS will send you if there is an unpaid balance for the last tax year. When asked, “What is the notice about?” The IRS answers, “We sent you this notice because you owe money on unpaid taxes.”
If you receive IRS Notice CP14 – read it carefully. The notice will tell you how much the IRS says you owe, when the IRS expects you to pay, and what to do if you disagree.
If you disagree – contact the IRS right away. Object! If the IRS is correct, and you can pay, pay right away to avoid penalties and interest.
If you can’t pay – this Notice is not the last you will hear from the IRS. There is a series of letters the IRS must send BEFORE they can take anything away from you (Levy). So, you still have some time to work out an Installment Agreement, or some other remedy with the IRS.
Attorney Steven A. Leahy helps taxpayers who owe the IRS. So, he has seen IRS Notice CP14 before.