Everything You Need To Know About A Statutory Notice Of Deficiency!
A statutory notice of deficiency is a legal notice that establishes the taxpayer's shortage or delays in tax. The official name for this notice issued by the IRS (Internal Revenue Service) is the IRS Notice CP2319A: Notice Of Deficiency and Increase In Tax. What Is Notice Of Deficiency? A notice of deficiency is a legal yet authorized written claim by the IRS to a taxpayer about a tax deficiency. It states that a taxpayer owes extra income tax or interest on a given amount of additional penalties. Sometimes, the IRS notices the unmatched records of the reported information to them. In such cases, the IRS issues this notice by proposing a change to a tax return. In general, when a tax detail given by a third party like a financial institution or employer is found incorrect or unmatched with the previous records, the IRS suggests a change in a tax return. Ignoring this crucial notice of the IRS may cause you to experience a host of penalties. How Statutory Notice ...