The IRS Is Sending Out MILLIONS Of These Really Important Notices
(NewsBroadcast.com) – If you’re like most Americans, you get way too much junk mail that ends up tossed in the garbage before it’s ever opened — even if it appears to be official government issue. However, when it comes to the Infernal (Internal) Revenue Service (IRS), one needs to pay attention when they send a Notice CP14 because the revenuers have come looking for money.
It's important to pay attention to this letter, called a CP14, because ignoring it could lead to penalties, according to a Jackson Hewitt tax expert. https://t.co/HAzK3kQuIf
— WJZ | CBS Baltimore (@wjz) June 10, 2022
The letter means that the taxpayer owes at least $5 from their latest return where there was no math error found by the IRS. If someone receives one of these, they can at least take solace in the idea that misery loves company because they send out roughly 9 million per year.
Although the IRS briefly stopped sending these notices due to the pandemic, the worst thing a person can do is ignore the warning letter. That’s how penalties and interest rates start piling up, and even a minimal amount can grow huge. The letters must be sent within 60 days after the IRS discovers the money is due, and then the taxpayer has 21 days after receiving it to fork over the cash.
If there simply aren’t funds available to pay it all at once, never fear; the friendly and helpful agent that answers the phone after someone has been on hold for something like two hours will gladly set up a payment plan. If 60 days go by without action, the IRS could begin collection actions, which can include seizing bank accounts and property like homes and cars.
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