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Notice 746 Rev January Information About Your Notice, Penalty and Interest

Notice 746 Rev January Information About Your Notice, Penalty and Interest

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if you've received an IRS cp71 notice it means you have an outstanding balance with the IRS but don't worry today we'll walk you through what it means and the steps you can take to manage it IRS notice cp71 is more than just a letter it is an annual reminder of your outstanding balance including any taxes penalties and interest you still owe it serves as a warning to taxpayers that their unpaid balance is still due when we receive annual cp71 notices it is important to carefully review all the details of the out standing balance to make sure we understand exactly what is owed check the outstanding balance listed and any breakdowns of taxes penalties and interest each amount shows exactly what's owed and why look for due dates since this notice also serves as a warning if ignored additional penalties May apply and more serious collection actions could follow such as wage garnishment or bank account levies in the cp71 series there are different types of no

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