You are about to get a love letter from the IRS. On Friday, May 5, IRS Deputy Commissioner for Collection and Operations Support Darren Guillot announced at an American Bar Association tax conference panel in Washington, D.C., that certain collection notices paused last year will gradually resume in June of 2023.
During the pause, accounts with outstanding balances were frozen, interrupting the usual schedule of billing notices. According to the IRS, the pause is affecting “several million balance due accounts from the 2022 filing season, as well as other balances.”
CP14 Notices inform taxpayers of how much they owe after filing their taxes and include a scan able QR code that directs to an IRS landing page for payments.
Guillot estimated that as of June 2023, approximately 5-8 million CP14 Notices will be sent to taxpayers during what the IRS refers to as PBD Season { “peak balance due season.”}
If you get a Cp14 you should do the following:
Read your notice carefully. It will explain how much you owe and how to pay it.
Pay the amount you owe by the due date on the notice.
Make a payment plan if you can't pay the full amount you owe.
Contact the IRS if you disagree. You can use the number on the notice.
What happens if I can't pay or pay the full amount I owe now?
You can apply online for a payment plan (including installment agreements).
What is a temporarily delay collection?
In cases of financial hardship, the IRS may temporarily delay collection until your situation improves. For more information, see Temporary Delay of Collection Process.
What should I do if I disagree with the notice?
Call the phone number located in the IRS Help section of your notice. Please have your paperwork (such as cancelled checks, amended return, etc.) ready when you call.
Am I charged interest on the money I owe?
Not if you pay the full amount you owe by the date on the notice. However, interest accrues on the unpaid amount after that date.
Will I receive a penalty if I can't pay the full amount?
Yes, you'll receive a late payment penalty. You can call us at the number on your notice if you can't pay the full amount or you can apply online for a payment plan (including installment agreements). Contact the IRS by your payment's due date.
Our motto at Taxko is, life is short. Pay Less, Taxes. We feel that an educated taxpayer is very powerful to achieve this motto.
