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I have a Cp 2501 IRS Notice I am not disputing the 1099

Customer Question
I have a Cp...

I have a Cp 2501 IRS Notice I am not disputing the 1099 income They say I failed to report in 2016 .....How do I get a final Payoff amount to close this matter quickly...so no more interest accrues

Accountant's Assistant: Was this a Form 1099 for interest, dividends, or government payments?

A fed ex settlement class action case and taking money out of my IRA ...Iam 62 plus

Accountant's Assistant: Anything else you want the Accountant to know before I connect you?

I will see what else they need...

Submitted: 2 months ago.Category: Tax
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Answered in 5 minutes by:
5/25/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,873
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. …. My name’s Lane,

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a couple of minutes while I type up my response.

….

Then if you have further questions we can go from there.

(If the site makes one of those automated phone call offers, that DID NOT COME FROM ME. It’s an automatic offer that the site throws up there, I’d be glad to discuss this over the phone but the site charges more for that. Only accept if you’d like a call.)

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

The CP2501 is done in a way such that you either agree with the changes they've made or you don't.

...

All you need to do is respond that you agree and pay the amount on the notice, and you're done.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

They will recalculate if the notice is old enough and send you the bill.

...

If you are responding in the amount of time given on the notice, there will be no more interest.

...

If you are not, you can only get the amount accrued up to a certain day by calling IRS.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

If you'd like to give me the numbers I can run this through my interest and penalty calculator for you

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

But again if you are responding within the time allotted on the notice there will be no additional interest.

...

Please let me know if you have any questions at all, before rating me.

If not, your positive rating … (by using those the stars on your screen, and then clicking “submit”) … would be appreciated

...

Thank you!

Lane

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

I'll be here.

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