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Do not ignore the CP14 letter from the IRS, it could cost you

There are millions who can expect a CP14 Letter from the IRS this month, and ignoring it could cost you money.

IRS building sign where CP14 letters are mailed to those who owe late taxes

Those that did not pay enough in taxes will see the letters in their mailboxes.

This means anyone with a tax bill worth $5 or more should expect a letter.

What is a CP14 letter from the IRS?

The letter is a notice of what you owe the agency.

It will explain exactly how much you owe and how to make a payment immediately.

Around 9 million go out each year, according to The Sun.

Legally, the letters must go out 60 days after a tax liability is issued.

The deadline for 2022 was April 18, so the letters are expected to start hitting mailboxes this month.

Tax refunds in 2022 are bigger than before, and only getting bigger

The most important thing to do is to not ignore it.

It is asked that balances be paid within 21 days of receiving the CP14 notice.

If you fail to meet this deadline, you risk receiving penalties.

The penalties start at 0.5% and can go as high as 25%.

Once 60 days pass, you could see a collection begin and receive a Notice of Federal Tax Lien.

You risk losing you home and car.

What to do if you receive a CP14 letter from the IRS

There are options you may have, but you must read the letter carefully.

If you cannot afford to pay the bill, you may be able to get a payment plan with the IRS.

You may also call the number on the notice if you disagree with the amount owed.

If you plan to call, have your paperwork that may be applicable ready.

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