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  • Refundtalk

    The IRS uses Notice CP14 to inform you of a balance due. There is a new Notice CP14H which bills you for not having health insurance & a Notice CP14I, which bills you for excess IRA contributions.

    Your situation is not yet urgent but should be corrected. The IRS will send gradually more hostile letters to you until they issue a Notice of Intent to Levy. If you can’t pay the amount quickly, don’t call the IRS until you get legal advice.

    If you owe a small amount the IRS may simply divide what you owe by 72 (the bankruptcy time period) and that will be your monthly payment. (See Form 9465)

    If you look at Line 11 of the Form 9465 it asks you to divide your tax debt by 72 months & to pay that monthly amount. This is because the time period for repayment of tax debts in a Ch. 13 Bankruptcy is 72 months & the IRS wants to unify tax collection with bankruptcy procedures. If you can’t pay the debt in 72 months you can complete a Form 433A or 433F to get a lower payment agreement. But, these forms can be challenging to complete. You will be required to obtain & arrange a vast amount of personal financial information.

    But, if you can’t pay, they will often require a Form 433A or Form 433F (not both) to disclose your income, expenses, assets & liabilities. One of these forms must be completed by you, and only you, because you have to access to all of the information. It takes a lot of work & you need Tax Attorney guidance along the way.

    Use the thread below to discuss IRS CP14’s. Connect with others that have received a CP14 and keep us updated on what you find out!

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