Step-by-step Guide To The Irs Notice Cp-161

Get to work quickly if you all of a sudden receive a Notice CP-161 from the IRS "Balance Due, Request for Payment or Notice of Unpaid Balance" in the mail from the IRS. You only have a small window of opportunity to settle your IRS situations before your circumstances go into a downward spiral. The complete title for CP-161 is "Balance Due, Request for Payment or Notice of Unpaid Balance". Keep reading below for insider tips on how to resolve IRS Notice CP 161 and resolve any existing IRS issues.

Reasons for Applying the CP161 IRS Notice, Balance Due, Request for Payment or Notice of Unpaid BalanceThe IRS sent you CP161 "Balance Due, Request for Payment or Notice of Unpaid Balance" to notify you that your Tax Return has been adjusted, and this has resulted in a balance due to the IRS. Don't lose sleep over fierce IRS actions yet. The IRS is not threatening you with a lien, but it could be in the near future if action to pay back the IRS is not taken as soon as you receive this notice.

Other CP161 DocumentsThe following info may be included along with IRS Notice CP 161 Balance Due, Request for Payment or Notice of Unpaid Balance. The IRS may mail out these other forms or notices along with IRS Notice CP-161 to further clarify the specifics of your tax debt situations.

Form 2210: Underpayment of Estimated Tax by Individuals, Estates, and Trusts & Instructions
Form 2220: Underpayment of Estimated Tax by Corporations & Instructions
Form 433-B: Collection Information Statement for Businesses
Form 4977: Schedule of Tax Liability
Form 941: Schedule B, Employer's Record of Federal Tax Liability
Form 945A: Annual Record of Federal Tax Liability

CP 161 Information

When you receive this IRS Notice in your mailbox, you need to review the payment list and verify there are no misplaced payments and that everything is correct. It's a good idea to utilize a tax attorney, CPA, IRS-licensed enrolled agent, or a tax debt resolution company that employs all of these professionals. They will study the notice and determine what you should do from here to cut or wipe the balance you owe the IRS. Especially if your situation is significant, a Tax Debt Resolution Company or specialist such as a CPA can review your problem and aid you in solving your tax problems with their abundance of experience.

CP-161 ComplaintsIf you believe the IRS is in the wrong in issuing you IRS Notice CP 161, don't wait to act. Work fast to make certain you are not wrongly accused of a debt you don't really owe. The IRS will begin to withhold funds from your paycheck or savings or checking account to put towards the debt they feel you owe them if you ignore this debt dilemma instead of resolving it as quickly as you can, which is why it's of utmost importance to take action immediately.

Selecting a Tax Debt Specialist for Guidance

Do a little research when it comes to picking tax help, and only pick the best. How long a business has been in operation demonstrates that they are trustworthy with endurance in the industry. Be certain they have been operating for at least 10 years. The Better Business Bureau (BBB) website is a great resource with pertinent info about any tax debt company you are interested in using. Look up any tax help business or professional you are interested in using at bbb.org. Read all of the company's applicable information, most importantly what their rating is. You do not want to choose anyone who doesn't have an A or A+ Rating with the Better Business Bureau (BBB).

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