Understanding Notices From IRS

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Understanding Notices From IRS

Feb 7, 2012 Posted by Sanjiv No Comments

Here you can learn more about the tax notices from Internal Revenue Services (IRS).  On the left side you can see the notice number and you can find the description of the notice on right.   You can also contact our office to learn more about the notice you may receive.  We recommend you make an appointment and bring your notice along with any other records that you may have.

 

Notice Number
Description
Topic
You owe a balance due as a result of amending your tax return to show receipt of a grant received as a result of Hurricane Katrina, Rita or Wilma.
Balance Due
You received a tax credit (called the First-Time Homebuyer Credit) for a home you purchased. This notice informs you on how to repay it.
You received a tax credit (called the First-Time Homebuyer Credit) for a home you purchased. This notice informs you that you don’t have to repay the credit as long as the home remains your main home for at least three years after you purchase it. It also explains situations where a home stops being a main home.
You may qualify for the Additional Child Tax Credit and be entitled to some additional money.
Additional Child Tax Credit
We made a change(s) to your return because we believe there’s a miscalculation. This change(s) affected the estimated tax payment you wanted applied to your taxes for next year.
Change To Your Estimated Tax Credit Amount
We made a change(s) to your return because we believe there’s a miscalculation involving your Earned Income Credit. This change(s) affected the estimated tax payment you wanted applied to your taxes for next year.
Change To Your Estimated Tax Credit Amount
We made changes to your return because we believe there’s a miscalculation. You owe money on your taxes as a result of these changes.
Balance Due
We made changes to your return because we believe there’s a miscalculation involving your Earned Income Credit. You owe money on your taxes as a result of these changes.
Balance Due
We made changes to your return involving the Making Work Pay and Government Retiree Credit. You owe money on your taxes as a result of these changes.
Balance Due
We made the change(s) you requested to your tax return for the tax year specified on the notice. You owe money on your taxes as a result of the change(s).
Balance Due
We made the change(s) you requested to your tax return for the tax year specified on the notice. You should receive your refund within 2-3 weeks of your notice.
Refund
We made the change(s) you requested to your tax return for the tax year specified on the notice. You’re not due a refund nor do you owe any additional amount. Your account balance for this tax form and tax year is zero.
Even Balance
As a result of your recent audit, we made changes to your tax return for the tax year specified on the notice. You owe money on your taxes as a result of these changes.
Balance Due
We made changes to your tax return for the tax year specified on the notice for Individual Retirement Arrangement (IRA) taxes. You owe money on your taxes as a result of these changes.
Balance Due
We made the change(s) you requested to your tax return for the tax year specified on the notice. You owe money on your taxes as a result of the change(s).
Balance Due
As a result of your recent audit, we made changes to your tax return for the tax year specified on the notice. You owe money on your taxes as a result of these changes.
Balance Due
We made changes to your tax return for the tax year specified on the notice for Individual Retirement Arrangement (IRA) taxes. You owe money on your taxes as a result of these changes.
Balance Due
Your refund check was returned to us, so you need to update your address.
Refund
We were unable to apply your overpayment to your estimated tax as you requested.
Overpayment
We can’t provide your refund through direct deposit, so we’re sending you a refund check by mail.
Direct Deposits
You need to send us documentation of your tax-exempt status.
Tax Exemptions
Your tax return filing requirements may have changed: You may no longer need to pay the Alternative Minimum Tax.
Filing Requirements
Your tax return filing requirements may have changed: You may no longer need to file Form 941 and Form 940.
Filing Requirements
We have received your return.
Confirmation of Return Receipt
We can’t provide you with your refund through a direct deposit, so we’re sending you a refund check/credit payment by mail.
Refund
We were unable to process your monthly payment because there were insufficient funds in your bank account.
Payment Process
Your tax return filing requirements may have changed: You may no longer owe excise tax.
Filing Requirements
Your refund or credit payment was returned to us and we need you to update your current address.
Address Update Needed
We didn’t receive a correctly completed tax liability schedule. We normally charge a Federal Tax Deposit (FTD) penalty when this happens. We decided not to do so this time.
FTD Penalty
We didn’t receive the correct amount of tax deposits. We normally charge a Federal Tax Deposit penalty when this happens. We decided not to do so this time.
FTD Penalty
Other Notices and Letters
Notice or Letter Number
Title
Changes to Tax Return, Overpayment
Balance Due
Estimated Tax Discrepancy, Balance Due
Overpaid Tax Applied to Other Taxes You Owe
Notice of Insufficient Funds
Delinquent Return Refund Hold
Final Notice – Notice of Intent to Levy and Notice of Your Right to a Hearing
Notice of Levy and Notice of Your Right to a Hearing
Final Notice Before Levy on Social Security Benefits
Request for Payment or Notice of Unpaid Balance, Balance Due
Reminder Notice – Balance Due
Second Request Notice – Balance Due
Final Notice – Balance Due
Installment Agreement Reminder Notice
Notice of Default on Installment Agreement
Notice of Proposed Adjustment for Underpayment/Overpayment
Collection Information Statement Requested (Form 433F/433D); Inability to Pay/Transfer
Balance Due on Account is Paid
We released the taxpayer’s levy.
Proposal to Pay Accepted
Installment Privilege Terminated
Final Notice prior to levy; your right to a hearing
Mail us your overdue tax returns.
Please help us locate a taxpayer.
Please complete and site Form 433F, Collection Information Statement.
Installment Agreement for Direct Debit 433-G
Installment Agreement Reply to Taxpayer
Please call us about your overdue taxes or tax return.
Balance Due Total to Taxpayer
Installment Agreement for Direct Debit Revisions
Installment Agreement Cannot be Considered
Installment Agreement Accepted: Terms Explained
Installment Agreement: Payroll Deduction (F2159) Incomplete
Abatement of Penalties and Interest
Installment Agreement Accepted – Notice of Federal Tax Lien Will be Filed
Pre-assessed Installment Agreement
Request for Combat Zone Service Dates
Taxpayer Response to Reminder of Balance Due
CC IAPND Installment Agreement Confirmation
Balance Due Explained:Tax/Interest Not Paid
Revision to Installment Agreement
Installment Agreement Accepted: Terms Explained
Reminder notice.
We have no record of receiving your tax returns.
Address Information Request
Please contact us about the taxpayer levy.

Personal Tax

Dec 28, 2011 Posted by deepak 9 Comments

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Dec 28, 2011 Posted by deepak 1 Comment

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Foreign Account Reporting:

Have bank account in India, Canada or some other country ? Don’t forget to file the proper disclosure to ensure compliance with new laws.  Let our professionals help you navigate the complicated laws.  We have expertise in filing returns with foreign accounts and assets.  We can help you bring your money from other country to United States or help you file proper return. You can learn more about FBAR filing here.

Tax Planning Services:

Paid too much in taxes ? There are many things you can do that can help you reduce your tax liability.  You can consult with our office to learn more about your options. Simply bring your last couple years of tax returns along with your this year projected income.   Based upon this information and your current situation,  our tax professionals can help you find ways to reduce your taxes.

Financial Consulting:

We cover many areas in financial consulting including 401k, IRA, Retirement, Education, Stocks, Bonds, Home, Business, Rental, Buy, Lease and Insurance. We take account of all your past, current and future financial transactions to come up with a plan that can help you achieve financial stability and reduce your tax liability.

Accounting Services:

You can count on Sanjiv Gupta CPA firm for all sort of accounting service.  We can help you get your books in order and help you prepare for coming tax time.