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Knaub & Company, PC
Certified Public Accountants
78 Meadow Village Drive, Suite E
PO Box 161030, Big Sky, MT 59716
Phone: 406-995-6040
Fax: 406-993-2772
Email: knaubco@3rivers.net
December 2024
December 2024 Q and A
QUESTION:
I received a CP-501 notice from the IRS claiming I have a balance due, but I disagree. What should I do?
ANSWER:
Since the CP-501 notice is the first notice you will receive about a past due amount, you'll want to call the IRS immediately using the phone number provided.But before you call, do your research and have all the information available to explain why you believe there is a mistake.
Although talking with the IRS may seem scary, don't ignore the notice. Interest and penalties may continue to be charged, and they have the right to place a lien on your property.
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