Understanding Your IRS CP14 Notice

If the letter you received from the IRS is a CP14 notice, you may wonder what that is and start to panic. Don’t worry! A CP14 is a pretty common notice, and it's just the IRS's way of letting you know you owe them some money.

Reasons why you may have received a CP14:

• • Mistake Made on Your Tax Return: Sometimes we make mistakes, it happens to the best of us. These mistakes can include math errors or forgetting to attach important information. If these mistakes mean you owe more taxes than you paid, that's when the CP14 notice might show up.
     
• • Missed the Tax Filing Deadline: Life gets busy—we get it. But if you forgot to file your taxes on time and owe the IRS money, they'll send you a CP14 notice to remind you to file and pay your balance.
     
• • Changes from an Audit: If the IRS looks over your tax return and finds something doesn’t quite add up, like a mistake or something you missed, they might send you a CP14 notice to collect the extra taxes you owe because of it.
     
• • Forgot Your Estimated Taxes: Some people, like freelancers or self-employed people, must pay estimated taxes throughout the year. If you didn't, you might get a CP14 notice for underpaying.
     
• • Your Boss Made a Mistake: Sometimes, it's not even your fault. If your employer didn't take out enough taxes from your paycheck, it may result in you owing more money, which could trigger a CP14 notice.
     
• • You Fixed Something, But Still Owe: Maybe you sent in an amended tax return, but you still owe the IRS money after making the changes. Yup, you guessed it – CP14 notice.

Next steps:

So, what should you do if you get one of these notices? Don't ignore it! Take a look at the notice as soon as you can. Make sure you understand why the IRS says you owe money and how much they think you owe. If you agree, simply pay the requested amount. If you think there's a mistake, follow the instructions on the notice to dispute it.

Still need a little help?

Take our word for it: don't procrastinate! If you do, you might end up owing even more due to penalties and interest. If you're feeling unsure about what to do or if things seem too complicated, don't worry! You can always reach out to a local tax pro for some help. Or, if you prefer, you can chat with our team at Protection Plus to see if our on-demand option works for you. We'll walk you through everything you need to do and can even handle talking to the IRS if it's necessary. Check out our on-demand availability here: https://new.taxprotectionplus.com/contact-us