COLUMBUS, Ohio (WCMH) – Mid-June is a time tax professionals said millions of Americans can expect to receive a CP14 Notice from the IRS in the mail.
The notice explains that the IRS has determined the taxpayer still owes unpaid taxes.
One central Ohio tax expert said people should never ignore the CP14 notifications.
As the chief tax information officer at Jackson Hewitt, Mark Steber said taxpayers have several choices and options on how to address a CP14 Notice from the IRS.
“The IRS is good for one thing and one thing the most – they are good at collecting the money that is due them,” Steber said.
He understands that receiving a letter from the IRS can be scary, but ignoring or accidentally throwing away a CP14 letter can end up costing you much more than your originally owed.
“The penalties, the interest, the overall balance, in some cases, will grow larger than the tax liability as well, with some of the limitations at what you can do to respond,” Steber said.
Steber also advises that the amount listed on the CP14 may be incorrect.
“And that can go for a variety of reasons: data mismatch at the IRS, you left something off, you didn’t include the right form or the right document for the credit,” he said.
In his 30 years working as a tax professional, Steber said the 2021 tax…
