CP173 Notice
The IRS issues a CP173 Notice when a taxpayer fails to sufficiently and timely pay estimated tax payments. They determine this amount based on records they received either from you or other sources (e.g. 1099s from your customers). You should make estimated tax payments if you expect to owe more than $500 in taxes when you file your annual tax return.
IRS Notices Require Immediate Action
Why Immediate Action is Crucial:
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Avoid Penalties and Interest:
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Every day counts. Failing to respond quickly can result in additional fines and interest charges, increasing your financial burden.
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Protect Your Rights:
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Acting promptly ensures you can dispute any errors, misunderstandings, or unjust claims effectively. Timely response helps preserve your right to appeal and correct mistakes.
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Maintain Peace of Mind:
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Addressing the issue swiftly can alleviate stress and uncertainty. Knowing your situation is being handled can provide significant relief.
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Resolve Issues Quickly:
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Early action often leads to faster resolutions. The sooner you respond, the quicker you can clear up any discrepancies and move on with your life.
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What to Do Next:
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Read the Letter Carefully:
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Understand the nature of the correspondence. Is it a notice, a request for information, or a bill?
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Gather Necessary Documentation:
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Collect relevant records, such as tax returns, receipts, and prior correspondence, to support your case.
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Contact a Tax Professional:
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Seek expert advice. A tax professional can help you navigate the complexities and respond appropriately.
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Respond Within the Given Deadline:
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Follow the instructions in the letter and ensure your response reaches the IRS within the stipulated timeframe.
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We are here to help
We specialize in helping individuals and businesses handle IRS communications swiftly and effectively. Our experienced team can guide you through every step, ensuring you respond accurately and on time.
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Don't let an IRS letter disrupt your peace of mind. Contact us today for a consultation and take the first step towards resolving your tax issues confidently and efficiently.