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CP11- There was a miscalculation on your tax return

Why did I get a CP11 Notice from the IRS?

“The IRS says I owe money but I don’t”

The above complaint is one that many taxpayers may have after receiving the cp11 notice from the IRS.

If you are wondering what this notice is about and what to do about it, keep reading, we’ll give you all the details you need in this post.

 

What is the CP11 notice?

First of all, as you may know, there are different IRS notices and they serve different purposes.

While some are just automated messages and do not require a response from you, others are complicated and require you to respond immediately, or else they can spiral into something else.

It is important to understand all IRS notices or at least make effort to understand the ones you receive to enable you to respond appropriately.

If you received a CP11 notice from the IRS, it usually means that the IRS believes there was an error on your tax return, and they have made necessary corrections to your tax return and you now have a balance due as a result.

 

What should I do after I have received this notice?

  1. Read the notice, looking at the details carefully. If you agree with corrections made, and you have the available money to pay the balance due, follow instructions on the CP11 and pay before the due date.
  2. If you cannot pay the amount in full, send the IRS a message requesting for them to consider other repayment options like installment plans or an offer in compromise. Be aware that you will pay interests and penalties if you do not pay before the due date stated in the payment coupon. Some of the payment options  the IRS offers you include:
  • IRS direct pay from your bank account.
  • Payroll deduction from your employer.
  • Payment by the electronic federal tax payment system (EFTPS).
  • Payment by credit card via phone or internet.

 

3. If you do not agree with the IRS corrections, contact them within 60 days from the day you got your notice. We advise that you contact them by telephone, as this is the fastest way to resolve an error. Call the IRS with the number shown on the notice. If a document is required by the IRS, you could fax it to them while on the phone.

Usually, it takes about 30-60 days for a resolution. Don’t forget to attach a copy of your notice all with your documents.

If you have further inquiries or would simply like to talk to a tax professional about your tax situation, give us a call today at 888-585-8629, we’re always glad to help.

 

About Souri, Gazda, & Co.

We are a tax relief firm dedicated to giving you the best results regarding resolving your tax debts. Our team of qualified professionals is available round the clock to provide you with the assistance you need. Contact us now at 888-585-8629 or 617-430-4674 or send us an email at [email protected].

For more information, email [email protected]