The IRS Says You Made Math Errors - Good News
Ask most people what they fear and an IRS audit is usually somewhere on the list. The stories of audit misery are well known and nobody wants to go through an audit. While an IRS audit can be a nightmare, a majority of them are paper notice audits that are not too bad. Essentially, the IRS sends you a letter contesting something on your tax returns.
With a "correspondence audit", you are usually given pretty clear indications of the problem. One audit the IRS sends out all the time is the CP-12, known as the math error notice. If this is the notice you receive, fall to your knees and thank whatever deity you pray to. The CP-12 notice is not just a notice of a math error. It is notice of an error that you made which resulted in you paying too much money. Yes, the IRS actually sends these out.
When you receive a CP-12 notice, you need to figure out what the IRS is up to. The notice usually tells you the problem. The IRS, in fact, will automatically make the necessary changes to your tax return. It will also automatically kick out a tax refund to you, but you have to wait for six to eight weeks for it to show up.
Upon receipt of the CP-12, the IRS does not require you to do anything. That being said, you should take some steps. First, you should evaluate whether the IRS is giving you all the money it should. Second, you should make note of the change on your returns so you remember when it is time to file taxes in future years.
As shocking as it may be, the IRS actually makes mistakes on returns. If you discover the IRS has mixed things up, you have to tell them. Do not cash the refund check! The IRS may actually come back and contest the changes. It is no defense that the IRS blew it in the first place.
Related Tags: tax, audit, taxes, errors, math, irs, letter, correspondence, notice
Rick Chapo is with Nomad Journals - makers of travel journals to preserve your travel experiences. Great Gifts! Your Article Search Directory : Find in Articles
Recent articles in this category:
- Guide To Finding The Right Irs Debt Help Solution For Your Situation
Finding the right IRS debt help for your situation is crucial. Where you turn for assistance will de - The Basic Function Of Accounting
Accounting is a profession as old as the hills. It was a well known practice in the Roman, Ancient E - The Fundamental Concepts Of Accounting
The Federal Election was held in Australia on 21st of August 2010. During the rather boring election - Higher Earners Warned Over Tax Relief
Those that fall into the higher earners bracket have been warned that the government may impose furt - Procter & Gamble Wins R&d Credit Case Against The Irs
On June 25, 2010, the U.S. District Court in Procter & Gamble Co. and Subsidiaries (P&G) v. United S - 3 Ways To Settle Irs Tax Debt For Less
You can settle IRS tax debt for less if you know your options. There are several ways that you can s - Five Steps To Finding The Best Tax Lead Company For Your Business
The lead buying business has become an efficient and proven form of outsourcing marketing efforts to - Truly Effective International Tax Advice
A big concern for the public and corporate business units is to deal with the international tax at t - How To Avoid Making The Common Tax And Bookkeeping Mistakes?
Even though who consider themselves in the financial loop may fall prey to some of the most common t - How To Appeal Your Property Tax Bill
The responsible homeowner will want to do a thorough check of their property tax bill to ensure they
Most viewed articles in this category:
- New Tax Rules for the Poor
New tax rules for 2007 will bring about a good year for the poorest of tax-filers in Maryland. Tax-f - The Best LEGAL Tax Shelter in the World-- Your Home-Based Business!
Welcome to the best legal tax shelter in the world-- you home-based business! As long as you keep go - IRS Alert: Tax Payers Need to be on the Look out for Fraud
Tax-Definition.org (http://www.tax-definition.org) is reporting on the second part of the tax - Income Tax Questions Answered Because of Radio - The World Is a Client of "Better Business"
Having hosted a financial radio program over several years has exposed me to many questions. Some of - 2007 Brings Tax Relief for N.Y. Residents
As of January 1, 2007, New York residents have been benefiting from a decrease in hospital bills, an - Lost Last Year's Tax Return?
It happens every year. Just when you get motivated to get rolling on your taxes, you realize you can - Figuring Out Your Tax Return Filing Status
When you are ready to plop down and start preparing that tax return, one of the first questions is y - IRS Is Focusing on Schedule C Filers
In the last few tax years IRS has been paying more attention to taxpayers who file a schedule C. The - Taxes: How To Dramatically Reduce Your Taxes With One Simple Step
How to Make It, Keep It, Protect It. Did you know the federal government may keep up to 65.9% of eve - Deductions Missed In Taxes
The deductions which are often missed by tax payers are as follows: Old points on refinancing: The