Tax Developments
Tax law is a moving target. Legislative changes, amendments to regulations, updated tax guidance and new court decisions constantly alter the tax landscape. Learn how significant tax developments can affect individual and business taxpayers.
What is an IRS Notice CP14?
The IRS Notice CP14 is a letter sent to notify a taxpayer that they owe money to the IRS on unpaid taxes. Why did the IRS send you a CP14 Notice? Based on information that the IRS has they believe that you owe money on taxes. What should you do next? There are...
What is an IRS Notice CP2000?
The IRS Notice CP2000 is a letter sent to notify a taxpayer that the income or payment information the IRS has on file does not match the information reported on the tax return. This discrepancy may cause an increase or decrease in your tax or may not change it at...
What is IRS Notice CP11?
The IRS Notice CP11 is a letter sent to notify a taxpayer of adjustments made to a tax return that result in the taxpayer having additional balance due. Why did the IRS send you a CP11 Notice? When the IRS was processing your return, an error or discrepancy was...
What is an IRS Notice CP90?
The IRS Notice CP90 is a letter sent to notify a taxpayer of unpaid taxes and that the IRS intends to levy to collect the amount owed. This notice and referenced publications explain how to request an appeal if you do not agree. Why did the IRS send you a CP90 Notice?...
IRS Adds QR Technology to Balance Due Notices
Receiving any letter from the IRS can be an intimidating experience that leaves you with more questions than answers. To better understand letters sent from the IRS, taxpayers often search the web for further assistance. Starting this month, the CP14 and CP14 IA...
The IRS and Private Collection Agencies
The IRS is required by law to use private agencies to collect some outstanding, inactive tax debts. However, the IRS only uses four private collection agencies to collect these debts. The companies that are currently under contract to assist in the collection of...
IRS Temporarily Stops Mailing Notices to Taxpayers with Balances Due
On August 21st, 2020, the IRS announced they had suspended the mailing of three notices – the CP501, the CP503 and the CP504. The IRS issues a CP14 Notice to notify taxpayers of a tax balance due. If a taxpayer does not respond to the CP14 Notice, the IRS will issue a...
2020 Deadlines and Delays
More than ever, this tax season will be riddled with delays despite the extended tax deadline. The Internal Revenue Service was already behind before the COVID-19 outbreak. The IRS closed in late March due to the pandemic. And now they are struggling to re-open and...
Reducing the Tax Gap
Politicians are in constant debate over how to decrease the budget deficit: raise taxes or cut them? Tax researchers often cite a more politically-neutral third option: reduce the “tax gap.” The tax gap is simply the difference between taxes owed and taxes paid....
IRS More Behind Than Ever Before
According to a report from National Review, recent changes to the tax code, staffing issues and aging technologies have created significant administrative challenges for the IRS: New Rules – There are more than 80 changes to the tax code within the new Tax Cuts...