You might feel like you didn’t do anything wrong when you get the CP-23 IRS Notice. You will need to act swiftly, the moment you get Notice CP23 from the Internal Revenue Service “Estimated Tax Discrepancy, Balance Due” and analyze this new tax difficulty. This letter is alerting you that the tax returns you mailed in deviate from what is posted on your account.
Why Did the IRS Send Me Notice CP-23?
The Internal Revenue Service delivers the CP-23 IRS Notice simply because disparities in the total amount of Estimated Tax Payments notated and the total amount to be had triggered a balance due to the Internal Revenue Service. Applicable adjustments to your tax return are recorded within CP23. The IRS mails IRS Notice CP 23 to
- let you know what money is in the account
- discuss any variations completed on the return
- ask for resolution of the unpaid taxes
The CP 23 IRS Notice Estimated Tax Discrepancy, Balance Due: Outlined?
The IRS sends you IRS Notice CP 23 so you know the inconsistency involving the amount of estimated tax payments noted on your tax return and the funds that were actually notated on your account. To put it briefly, CP-23 is the IRS’ demand for coverage of the tax debt you owe.
What Does the Internal Revenue Service Want Me to Do In Case I Am Given IRS Notice CP-23?
The Internal Revenue Service expects you to submit to them the whole sum they state you owe them in Notice CP 23 from the Internal Revenue Service. IRS Notice CP23 is accompanied by an envelope the IRS wants you to use to send them a payment. Should you not be able to pay the entire amount or mail any kind of payment to the IRS, you could need to get in touch with a tax debt expert to help you work out a resolution with the Internal Revenue Service. Utilizing a professional is a wise resolution for cutting the debt that you have due or actually wiping it fully.
When Must I Pay Back the IRS the Amount in CP23?
The IRS expects you to pay back the balance noted in Notice CP23 from the Internal Revenue Service instantly. This might place you in a complicated position, but the IRS does not give two cents. Many who are sent IRS Notice CP23 were not expecting to owe the IRS, but you are still required to pay off that debt.
What Will Happen if I Do Not Pay the IRS the Debt Amount Noted in CP23?
The IRS will not show forgiveness if you do not pay them. The initial aggressive method the Internal Revenue Service uses is a Federal Tax Lien, which appears on your credit file and has an effect on every bit of your possessions. The Tax Lien wrecks your credit.
Tax Support for Notice CP 23 from the IRS
Maybe you are unable to pay the debt amount you now owe the IRS in its entirety. And you might feel that you don’t owe the IRS. Regardless of what the situation is, it is worth it to have even a small discussion with an IRS tax resolution firm to handle your IRS tax debt matters effortlessly.