{"id":16312,"date":"2017-06-22T07:00:44","date_gmt":"2017-06-22T12:00:44","guid":{"rendered":"https:\/\/resource-center.hrblock.com\/?p=16312"},"modified":"2020-06-05T14:50:49","modified_gmt":"2020-06-05T19:50:49","slug":"the-cp14-irs-notices-are-here-what-if-you-have-a-balance-due","status":"publish","type":"post","link":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/the-cp14-irs-notices-are-here-what-if-you-have-a-balance-due\/","title":{"rendered":"The CP14 IRS Notices Are Here — What To Do If You Owe Taxes"},"content":{"rendered":"

If you filed a tax return and owed taxes, but didn\u2019t pay them, you probably have received your first notice from the IRS requesting your payment: the CP14, Balance Due<\/em><\/a>.<\/p>\n

That\u2019s not all, though. These notices also explain that you owe a penalty for not paying your taxes by the filing deadline.\u00a0About half of these notices also include an estimated tax penalty if you didn\u2019t withhold enough in taxes or make estimated tax payments<\/a> throughout the year.<\/p>\n

It sounds bad, but it doesn\u2019t have to be. No one likes to pay IRS penalties<\/a>, and no one<\/em> likes IRS collection<\/a> letters.<\/p>\n

First, make sure the balance the IRS says you owe is correct. This is also a good time to take a fresh look at your return<\/a> to see if any deductions or credits are missing. If so, file an amended return to lower your tax bill.<\/p>\n

If the notice is correct, there are several options to pay and even an opportunity to save on penalties if you\u2019re in this situation. Here\u2019s what you need to know:\u00a0<\/strong><\/p>\n

    \n
  1. You may be able to just ask for more time.\u00a0<\/strong>If you need a little more time (up to 120 days) to get all the money together to pay the IRS, you can call the IRS and simply request an extension<\/a>. Make sure to ask the IRS for the full payoff amount at the end of 120 days so you\u2019re not left with any balances.<\/li>\n
  2. The IRS offers different options depending on your situation.<\/strong> What if you can\u2019t pay at all, or can\u2019t pay the full amount within 120 days? Don\u2019t ignore the balance. Depending on your financial circumstances, there are different payment plans (called installment agreements<\/a>), and other options like deferred payment (called currently not collectible status) or settlement (called offer in compromise) for people in hardship situations. Remember that getting into the right agreement is critical to avoid liens and levies.\u00a0Liens go on your public records, and levies take money\u00a0from your wages or bank account. Your tax professional<\/a> can help determine the best option for your situation.<\/li>\n
  3. You may be able to reduce or erase penalties.<\/strong>If you got a CP14 notice, you also got a failure-to-pay penalty<\/a>. If this is the first time you\u2019ve gotten the penalty in the past three years, you may be able to ask for first-time penalty abatement<\/a>. Just call the IRS<\/a> and request this penalty relief. On the other hand, the estimated tax penalty doesn\u2019t qualify for first-time penalty abatement. You\u2019ll have to find an exception. Your tax pro can help.<\/li>\n<\/ol>\n

    Bottom line: If you get a CP14 notice, you need to act. If you ignore the issue, penalties will build up, and the IRS will start sending more urgent notices requesting payment.<\/p>\n

    If you receive a CP14 notice this\u00a0June and don\u2019t do anything, the IRS will continue to contact you all summer and escalate enforcement in September. Do yourself a favor and look into your options for payment and penalty relief<\/a> now so you can enjoy your summer.<\/p>\n

    You can also get a tax expert’s help determining what’s best for your situation — and even deal with the IRS for you. Learn more about H&R Block Tax Audit & Notice Services<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    If you filed a tax return and owed taxes, but didn\u2019t pay them, you probably have received your first notice from the IRS requesting your payment: the CP14, Balance Due. That\u2019s not all, though. These notices also explain that you owe a penalty for not paying your taxes by the filing deadline.\u00a0About half of these […]<\/p>\n","protected":false},"author":554,"featured_media":27114,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25,51],"tags":[],"class_list":["post-16312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-irs","category-audits-and-tax-notices"],"acf":[],"yoast_head":"IRS CP14 Notices Are Here. 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