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Silas Bamigbola

articles from Silas

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CP848A Notice: What It Means When the IRS Updates Your Address

Published 10/21/2024 by Silas Bamigbola

The CP848A Notice is sent by the IRS to notify a business of an address change. This notice indicates that the IRS has updated the company’s mailing address based on the information received from an employment tax return or Form 8822-B, Change of Address or Responsible Party – Business. If you receive a CP848A Notice, it’s important to verify the change to ensure it is accurate and take corrective action if it is not.

CP618B Notice: Steps to Take When the IRS Sends One

Published 10/21/2024 by Silas Bamigbola

The CP618B IRS Notice serves as a final reminder to businesses that they have unfiled tax returns. It is a warning that the IRS has no record of the prior tax year returns being submitted, and it outlines steps businesses need to take to avoid penalties or additional actions. If not addressed promptly, the IRS may estimate your tax liability, and interest and penalties will continue to accrue. This guide explains what the notice means, what steps to take, and how to avoid future issues.

IRS CP801 Notice: Steps to Take to Claim Your Credit

Published 10/21/2024 by Silas Bamigbola

The CP801 Notice is issued by the IRS when it has not received a tax return for a specific tax year, and the statute of limitations for claiming a refund on a credit or payment is approaching. If you receive this notice, it’s crucial to file your tax return promptly to secure any refund or ensure your credit is applied to outstanding tax obligations. Ignoring the notice may result in losing your right to a refund or credit transfer due to strict IRS time limits.

CP811 Notice: What it Means and Why You Must Act Fast

Published 10/20/2024 by Silas Bamigbola

The CP811 Notice is sent by the IRS when tax payments or credits are recorded for a tax year, but the tax return is missing. This notice serves as a warning that the deadline to claim a refund is approaching. Taxpayers must act quickly to file the missing return and secure their credit. This guide explains the CP811 Notice, steps to take upon receiving it, and how to avoid penalties.

CP834R Notice: What to Know About IRS Refund Reductions

Published 10/20/2024 by Silas Bamigbola

The CP834R IRS Notice informs taxpayers about a reduction in their expected refund due to the automatic budgetary cuts mandated by the Balanced Budget and Emergency Deficit Control Act of 1985. The notice addresses cases involving an Elective Payment Election (EPE), typically related to tax incentives for renewable energy projects under the Inflation Reduction Act of 2022. Taxpayers are notified that no action is required and the refund reduction is non-appealable.

SP60 Notice: Why Did the IRS Remove Your Payment?

Published 10/20/2024 by Silas Bamigbola

The SP60 IRS Notice is issued when a payment previously applied to a taxpayer’s account is found to be incorrect and is removed. This notice informs taxpayers about the removal and provides details on the date and amount of the payment adjustment. The notice explains what actions taxpayers need to take, including making payments or arranging payment plans if they owe money. In this article, we’ll walk you through understanding the SP60 IRS Notice, the reasons behind it, and the steps to resolve the issue effectively.

SP59 Notice: What Is It and How Should You Respond?

Published 10/18/2024 by Silas Bamigbola

The SP59 IRS Notice is sent to taxpayers when the IRS has no record of a prior year’s personal tax return being filed. It serves as a reminder to submit the missing return or explain why filing is not required. This notice may also provide instructions for resolving discrepancies if you believe you have already filed. Promptly responding can help avoid penalties, interest, and potential collection actions. In this article, we cover everything you need to know about the SP59 notice and what to do next.

LTR6115SP Notice: What it Means for Your Tax Return

Published 10/18/2024 by Silas Bamigbola

The LTR6115SP is an IRS notice that informs taxpayers about an issue or discrepancy with their tax account. This letter typically indicates that the IRS needs additional information or that there may be a correction or action required regarding a recent tax filing. The notice provides instructions on how to resolve the matter, such as submitting requested documents or correcting information on the tax return.

What Does a CP747C Notice Mean for Your Refund?

Published 10/18/2024 by Silas Bamigbola

The CP747C Notice is sent by the IRS to inform taxpayers that their submission of Form 8862 has been reviewed and that they are now eligible to claim certain refundable tax credits that were previously disallowed. These credits can include the Earned Income Tax Credit (EITC), Child Tax Credit, American Opportunity Tax Credit, or the Credit for Other Dependents. This notice confirms eligibility, requires no further action, and suggests that taxpayers should receive their refunds within six weeks if there are no other outstanding tax liabilities or debts.

LT11B Notice: Avoid Asset Seizure With These Steps

Published 10/18/2024 by Silas Bamigbola

The LT11B Notice is sent by the IRS when a taxpayer has an outstanding tax debt that hasn’t been paid. This notice serves as a final warning of the IRS’s intent to levy your property or rights to property if the overdue balance is not resolved. It provides instructions on how to pay the amount owed, request an installment agreement, or appeal the proposed levy action. Immediate action is necessary to avoid severe consequences, such as garnishment of wages or bank accounts.

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