Glossary

CP02 Notice

The CP02 notice is issued by the IRS to inform taxpayers of important changes to their tax account status. This may include updates on refunds, changes in balances due, or corrections made to previous filings.

Key points about CP02:

The notice details the specific changes made and how they affect the taxpayer’s account.
It may provide information on additional actions required by the taxpayer, such as making payments or submitting further documentation.
Taxpayers are encouraged to review the notice carefully and take any necessary steps to address the changes.

Receiving CP02 helps taxpayers stay informed about their tax situation and ensure compliance with IRS requirements.

Recommendation

Failure to File Penalty

The IRS Failure to File Penalty is imposed on taxpayers who fail to file their tax return by the due date, typically 5% of the unpaid tax for each month

Letter 3489: Offer in Compromise Reconsideration Request

IRS Letter 3489 notifies taxpayers that their request for reconsideration of a denied offer in compromise is under review, and outlines the process moving forward.

CP71A Notice: Annual Reminder of Tax Debt and Payment Options

The IRS CP71A Notice serves as an annual reminder of a taxpayer’s outstanding tax debt and provides payment options to resolve the balance.

CP503F Notice: Urgent Reminder for Tax Debt Payment

IRS CP503F Notice is an urgent reminder for taxpayers with unpaid tax debt, providing last-minute options to settle or arrange payment.

CP49 Notice: Refund Applied to Other Federal Debts

The IRS CP49 Notice notifies taxpayers that their refund has been applied to federal debts other than taxes, such as student loans or federal benefit overpayments.

IRS Form 2848: Power of Attorney and Declaration of Representative

IRS Form 2848 is used to grant power of attorney to a representative, allowing them to act on your behalf in IRS tax matters.

IRS Notice CP521: Installment Agreement Reminder Notice

IRS Notice CP521 is sent to remind taxpayers of their upcoming Installment Agreement payment and the due date.

CP521 Notice: Reminder of Installment Agreement Payment Due

The IRS CP521 Notice serves as a reminder to taxpayers that their next installment agreement payment is due and outlines the steps for making the payment.

Statutory Notice of Deficiency

A Statutory Notice of Deficiency is an official IRS notification that a taxpayer owes additional taxes, with an opportunity to dispute the assessment in Tax Court.

CP49 Notice: Overpayment Applied to Previous Tax Debt

The IRS CP49 Notice informs taxpayers that their refund or overpayment has been used to pay off a previous year’s tax debt.