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Wednesday, March 15, 2017

IRS Notice CP40

If you receive a CP40 form from the IRS, it is to notify you that they have used all or part of your refund to pay your tax debt. The letter will go into more details about how they used your refund.

If you still owe money after the IRS has applied your refund to your taxes owed, you can do a few things:

1. Set up a payment plan to pay off the rest of your taxes. Payment plan info.
2. Have your accountant or someone else contact the IRS on your behalf to handle the issue. You will need to fill out Form 2848 in order to do this.
3. If you disagree with the notice, you can call the IRS to discuss your options.

If only part of your refund was used to pay off tax debt, you will receive the balance via check.

You can see an example of the form you will receive if this is the case, here.

You can always give me a call if you have any questions about the tax debt you have, what your refund will be, and what to expect after filing this year's taxes. 818-368-5374.

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