Silas Bamigbola
articles from Silas
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IRS CP05B Notice: What Is It and How Should You Respond?
Published 10/07/2024 by Silas Bamigbola
The IRS sends a CP05B Notice when the income reported on your tax return doesn’t match information from third parties like W-2s or 1099s. This notice informs you that your refund is on hold until you submit additional documentation to verify your income. If you don’t respond, your refund could be reduced or denied. Acting promptly is essential.

IRS CP05A Notice: How to Verify Your Income and Get Your Refund
Published 10/07/2024 by Silas Bamigbola
The IRS sends a CP05A notice when they need more information to verify your tax return’s accuracy before issuing your refund. Typically, they request additional documentation to confirm your reported income and federal tax withholding. The notice outlines what you need to provide, such as pay stubs or proof of withholding, and includes a deadline for your response. Submitting these documents on time is crucial to avoid delays in receiving your refund or adjustments to your return.

CP05 Notice: Why Your Refund’s on Hold and How to Fix It
Published 10/07/2024 by Silas Bamigbola
The IRS sends a CP05 notice to inform taxpayers that their tax return is under review. This process can delay refunds while the IRS verifies information such as income, deductions, and tax credits. The notice explains that no action is needed from the taxpayer unless the IRS contacts them for more information. The review period can take up to 60 days, and taxpayers are advised not to contact the IRS unless the timeframe has passed without an update.

IRS Notice CP01S: What Is It and How Should You Respond?
Published 10/07/2024 by Silas Bamigbola
The IRS sends Notice CP01S to confirm they received your identity theft report and Form 14039. This notice informs you that the IRS is processing your claim and taking steps to secure your tax records from fraudulent activity. While no immediate action is required, it is important to understand how this might affect your tax filings and refunds. Processing the case may take several months, and the IRS will notify you once it is resolved.

IRS CP44 Notice: What to Expect and How to Handle It
Published 10/04/2024 by Silas Bamigbola
The CP44 IRS Notice is issued when the IRS delays processing your tax refund because of outstanding federal tax liabilities. This notice informs taxpayers that their refunds may be applied toward other federal taxes they owe, and it provides guidance on the next steps. Taxpayers are encouraged to wait at least six to eight weeks to receive either a notification of how their refund was applied or the refund itself. Understanding this notice helps taxpayers manage their expectations and avoid unnecessary contact with the IRS during the waiting period.

CP42 Notice: What Is It and How Should You React?
Published 10/04/2024 by Silas Bamigbola
IRS Notice CP42 informs taxpayers that part or all of their federal tax refund has been applied to their spouse’s or ex-spouse’s outstanding federal tax debt or other government obligations. This usually happens when a joint tax return was previously filed, and the spouse has unpaid debts. The notice outlines the amount taken from the refund and provides next steps to either agree with or dispute the offset. In some cases, the taxpayer may qualify for Injured Spouse Allocation to reclaim their portion of the refund.

What to Do About the ST41 IRS Notice
Published 10/03/2024 by Silas Bamigbola
The ST41 IRS Notice is issued when the IRS seeks to collect unfiled tax returns or unpaid balances such as the Individual Shared Responsibility Payment (SRP). This notice informs the taxpayer of their outstanding obligations and provides instructions on how to resolve these issues, including filing missing returns and paying any owed balance. Immediate action is necessary to avoid further penalties, interest, or third-party involvement.

ST40 Notice: What Happens When the IRS Can’t Reach You
Published 10/03/2024 by Silas Bamigbola
The ST40 IRS Notice is sent to taxpayers when the IRS intends to contact third parties to verify or obtain additional contact information, especially for those with unfiled returns or unpaid taxes. This notice serves as a heads-up for taxpayers that the IRS is escalating their collection efforts by reaching out to third-party entities. It explains the purpose of the outreach, what information the IRS may disclose, and how long the IRS may continue these efforts. The notice also provides guidance on actions taxpayers can take to resolve any tax issues, including filing missing returns, paying outstanding balances, or seeking financial relief options.

What to Do About Your LT40 Notice
Published 10/03/2024 by Silas Bamigbola
The LT40 notice is issued by the IRS when the agency is attempting to collect unpaid taxes or retrieve unfiled tax returns from taxpayers. This notice serves as a formal communication from the IRS, informing taxpayers of their intent to contact third parties to verify or gather the taxpayer’s contact information. Receiving this notice can be alarming, but understanding its purpose and knowing the steps to address it can help minimize the stress and resolve the issue efficiently.

ST39 Notice: What It Is and How to Handle It
Published 10/03/2024 by Silas Bamigbola
The ST39 IRS Notice informs taxpayers of overdue balances and missing tax returns. It’s a legally required communication that advises you to take action by paying your balance or addressing any missing filings. Ignoring this notice can result in penalties, interest, and enforced collection actions, including wage garnishment or asset liens. This article explains how to handle the notice, payment options, and ways to resolve the situation.
