NOTICE CP14

Notice CP14 is a balance due notice from the Internal Revenue Service (IRS). It is sent to taxpayers who owe money on their taxes, including income tax, estimated tax, and self-employment tax. The notice will state the amount of tax owed, including interest and penalties, and will request payment within 21 days.

Reasons why it happened:

• You made a math error on your tax return.
• You failed to report all of your income.
• You claimed deductions or credits that you were not eligible for.
• You received a refund that you were not entitled to.
• Your estimated tax payments were not enough to cover your tax liability.
• You have self-employment taxes that you have not paid.

What to do:

If you receive an IRS CP14 notice, the first thing you should do is carefully review it to make sure that the information is correct. If you agree with the amount that you owe, you can pay it in full by the due date on the notice. You can pay online, by mail, or by phone.

If you cannot pay the full amount that you owe by the due date, you can request a payment plan from the IRS. To do this, you will need to complete Form 9465, Installment Agreement Request. You can submit this form online, by mail, or by fax.

If you disagree with the amount that you owe, you can dispute it with the IRS. To do this, you will need to complete Form 1040-X, Amended U.S. Individual Income Tax Return. You can submit this form online, by mail, or by fax.

Tips for avoiding this:

• File your tax return accurately and on time.
• Make sure to report all of your income.
• Only claim deductions and credits that you are eligible for.
• Make estimated tax payments throughout the year if you owe a significant amount of tax.
• Pay your self-employment taxes on time.