Receiving a tax notice or letter is never a pleasant experience. It can be confusing and frustrating if you don't understand why you received the notice in the first place. That's why we wrote The Ultimate Guide to Tax Notices and created a tax notice library filled with the most common tax notices and letters you might receive. We believe the process of staying compliant with your taxes should be as effortless as possible.
General Information
- What is the notice number? CP24
- What government agency sends this notice? The Internal Revenue Service (IRS)
- What is this notice about? The IRS changed your return because they found a difference between the amount of estimated tax payments on your tax return and the amount they posted to your account. You may have a credit because of these changes. The notice may also cover other changes the IRS made while processing your return.
- What should you do if you receive this notice?
- Read your notice carefully. It will explain the changes the IRS made to your return.
- Compare the payments on the notice to your records.
- Verify the IRS listed all your estimated tax payments.
- Check the payments the IRS applied (if any) from the prior year.
- If you agree with the changes the IRS made,
- Correct the copy of your tax return that you kept for your records. Don't send your copy to the IRS.
- You should receive your remaining refund, as long as you don't owe any other taxes or debts the IRS is required to collect.
- You can check on the status of your refund online by using IRS.gov/refunds and selecting the "Where's My Refund?" button.
- If you don't agree, contact the IRS within 60 days from the date of your notice.
- By telephone: Call the IRS at the toll-free number shown on your notice. Some cases require additional information that you may provide verbally. Either way, they may be able to correct your account immediately.
- By mail: Please include a copy of the notice along with your correspondence or documentation and allow 90 days or more for a resolution.
- Read your notice carefully. It will explain the changes the IRS made to your return.
FAQs & Additional Information
- I do not pay estimated taxes. Why did I get this notice? Common causes are an incorrect entry on the estimated tax line of the tax return, or an incorrect payment applied to your account. If this happened, call the IRS at the number on your notice.
- What should I do if there is a payment listed on the notice that I didn't make? Call the IRS at the number on your notice. You'll need to return any refund you receive by mistake.
- What should I do if I find you misapplied a payment or haven't credited a payment that I made? Call the IRS at the number on your notice. Have a copy of your tax return and documentation (such as canceled checks or amended return) ready when you call. The IRS will discuss the issue with you and give you further instructions.
- How do I adjust my estimated tax payments? Complete a Form 1040-ES, Estimated Tax for Individuals.
- What is an estimated tax penalty? The IRS may assess an estimated tax penalty if you didn't pay enough tax throughout the year, either through withholding or by making estimated tax payments.
What does it look like?
Resources
Looking for more information about this notice? Here are some helpful resources:
- About the notice - https://www.irs.gov/individuals/understanding-your-cp24-notice
- Example copy of the notice - https://www.irs.gov/pub/notices/cp24_english.pdf
How can we help you today?
Are you looking for more information about your tax notice or other challenges? DiMercurio Advisors has a dedicated team supporting tax notices, audits and more. We are passionate about ensuring you are well-informed and in control of your tax situation.
