Although most mail is junk mail, and we look forward to receiving non-junk mail, mail from the IRS isn’t much of an improvement. Opening your mailbox to find a notice can ruin a day, especially if you don’t understand what the notice says. Nobody wants to get on the IRS’s bad side. What are the five scariest notices you could receive in the mail?
Without further ado, they are:
- CP501
- CP90
- C75
- 725-b
- CP2000
Let’s dive deeper into each one.
Balance Due Notice: CP501
The CP501 is a reminder that you have a balance due to the IRS and need to pay them. You have options for paying the tax debt you owe: you can choose payment plans or pay in full. However you choose, you must remedy the situation, or more notices will follow.
Notice of Intent to Levy: CP90
This form is one you shouldn’t ignore. It notifies you that the IRS requires your response within 30 days. They will seize your assets to pay your tax debt if they don’t hear from you. The notice also explains your right to a Collection Due Process hearing.
An Audit Notice: CP75
When you receive a CP75 notice from the IRS it indicates that you need to provide additional information about an Earned Income Credit you claimed. Until you send further documentation, they will hold the credit.
A Notice of Discrepancy: 725-b
The 725-b is a newer form that requests an appointment with the taxpayer. When you receive it, the IRS is asking you to set up a time to meet with them because they have found discrepancies in your tax report.
Proposed Changes to Your Tax Return: CP2000
A CP2000 form is sent when the IRS has received alternate information that would change your tax return. This could be different income information from your employer or something else.
If you’ve received any IRS notices in the mail, contact the Highland Tax Group to see how we can help you resolve your concerns.