IRS CP14 Notice: What It Is, Why You Received It, and What to Do

If you have any unpaid taxes and your balance is due, you will get a notice CP14 from the Internal Revenue Service (IRS). Before you panic, make sure that you understand everything about this notice and why you received it. Should you want to know whether it could be a mistake or not and what you can do after receiving it, this article is for you.

Reasons You Receive a CP14

The IRS CP14 notice informs taxpayers about the balance that they are yet to pay. Usually, taxpayers receive this notice because of the following reasons:

You filed a tax return but failed to pay accordingly

This kind of mistake could be due to a miscomputation. You may have paid your dues thinking you got the computation right, but the amount is not enough to cover what you are supposed to pay. 

You might have a balance you are not aware of 

Failing to submit and file your taxes on time could result in a penalty, and that penalty is an additional payment you need to clear. If not paid, it would reflect in your record as a balance that needs to be addressed. 

You failed to withhold enough taxes for your income

When you do not pay the sufficient amount of taxes you owe for the year, the IRS will impose a penalty or fine.

You failed to submit your estimated quarterly tax payments

Like what the IRS would do for missing taxes, they would give you a fine if you miss a quarterly tax payment. Aside from penalties, expect to get interest charges depending on how late you are in the schedule. 

If it is your first time getting the CP14 notice, the IRS might still forgive you. However, if it happens again, you may need to secure the professional advice of a tax lawyer to find the best workaround in your case. 

How to Double Check If It Is Just an IRS Mistake

There are times when you are so sure about accomplishing your dues, so you cannot accept that you received a CP14 despite being responsible enough. Before you go and question IRS, here are the steps you could do to double-check it from your end:

  • Review your tax return
  • Double-check your payment records
  • Check the deductions and credits on your return

Do these steps even before you make your payments. 

Conclusion

Whether you think the IRS has sent a wrong notice or not, you must not ignore it. If you are 100 percent sure that the given information is incorrect, reach out to them. They assume that everything is in order, and they would not double-check on their end if you would not let them know. If it is accurate and you owe them a balance, try to meet the deadline to avoid worsening the situation. If you need help finding the best solution to pay up, you can seek the help of professional tax lawyers and resolution groups. 

Have other concerns about IRS taxes? Talk to your tax resolution specialist in Birmingham, AL. At Axiom Tax Resolution Group, we will examine your situation and recommend solutions to address your tax problems fast and with minimal impact on your finances. Contact us at 844-8-Tax-Pro (1-844-882-9776) to book a consultation.