You might believe that you didn't do anything unlawful if you receive CP 23. CP23 is also known as IRS Notice CP23 "Estimated Tax Discrepancy, Balance Due," and it should be taken very seriously.
Info on IRS Notice CP23
The IRS sends out the CP-23 IRS Notice because differences in the sum of Estimated Tax Payments noted and the sum readily available triggered a debt due to the IRS. When alterations were completed to your Tax Return while it was in processing, it is noted in CP23. The IRS gives out CP23 to illustrate what credits are on the account, to detail any variations made to the return, and to petition for satisfaction of the outstanding taxes.
Notice CP23 from the IRS Estimated Tax Discrepancy, Balance Due: Defined?
Notice CP23 from the IRS was issued to let you know about the variation between the quantity of Estimated Tax Payments that you notated on your tax return and the quantity posted to your account. Simply put, CP-23 is the IRS' call for coverage of the debt you owe.
What Steps Should I Take When I Obtain This Notification?
The Internal Revenue Service is looking for you to send them the full sum they say you owe them in CP23. IRS Notice CP-23 is accompanied by an envelope the Internal Revenue Service prefers you to use to submit your payment. If there is no way for you to pay the Internal Revenue Service, your safest move is to make contact with a tax debt specialist to help you find another solution for your balance due. Working with a pro is a great resolution for lowering the debt that you have due or even completely lifting it.
How Much Time Do I Have to Pay Back the IRS?
You will be supposed to pay off the balance due in CP 23 immediately. This may be impossible for you, but the IRS does not give 2 cents. Many who receive IRS Notice CP-23 did not expect owing the Internal Revenue Service, but you are still required to cover that debt.
Are There Any Other Options When It Comes to IRS Notice CP 23?
The IRS doesn't go easy if they are owed a debt. The initial method the Internal Revenue Service uses is a Tax Lien, which attaches to your credit and everything you own. The Lien wreaks havoc on your credit.
Tax Assistance for CP 23
Maybe you cannot pay the Internal Revenue Service the complete debt you owe them as outlined in the CP 23 IRS Notice. A different situation could be that you're sure you should not owe the radical balance that is stated in CP-23. Whatever what the scenario is, it's worth your money to have even a brief dialogue with a tax debt relief specialist to handle your IRS debt troubles simply.