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The CP86 Notice is sent by the IRS when they receive a tax return that is incomplete or missing critical information needed for processing. This notice indicates that the IRS cannot complete the return review or process any refund until the missing details are provided. The information may involve incomplete forms, missing signatures, or other required documentation that was not submitted with the return.
Key aspects of the CP86 Notice:
- Specific Missing Information: The notice will clearly state what information is missing, such as incomplete income reporting, absent Social Security numbers, unsigned forms, or missing schedules.
- Instructions for Correction: Taxpayers are provided with detailed instructions on how to correct the issue. This may involve submitting additional forms, providing required documentation, or correcting mistakes. The notice will specify the exact documents or information needed.
- Deadline for Submission: The IRS typically provides a deadline by which the taxpayer must submit the missing information. Failure to provide the necessary information within the stated timeframe can lead to delays in processing the return or refund, and may even result in penalties if taxes are owed.
- Consequences of Inaction: If the taxpayer does not respond to the notice, the IRS may adjust the return based on the available information, or they may disallow certain deductions or credits, leading to additional taxes owed.
It’s important for taxpayers to respond promptly to the CP86 Notice by providing the missing information to avoid processing delays and potential penalties.