IRS To Send Millions of , Tax Payment Letters, Don't Ignore Them.<br />CBS News reports the Internal Revenue Service will send millions of letters to taxpayers who are said to have underpaid the agency.<br />The letter, called CP14, is not to be ignored.<br />Experts say, if a CP14 letter goes ignored, taxpayers can expect hefty penalties.<br />Per CBS News, the IRS sends around <br />9 million CP14 letters annually.<br />A CP14 is issued if a taxpayer <br />owes $5 or more to the IRS.<br />Upon receiving a CP14, taxpayers <br />have 21 days to issue a payment.<br />The CP14 is a balance of taxes due notice, and that is why they aren't suspended. , Mark Steber, chief tax information officer for Jackson Hewitt, via CBS News.<br />It's in the taxpayer's interest <br />to know that they owe money <br />so that those penalties and interest don't progress. , Mark Steber, chief tax information officer for Jackson Hewitt, via CBS News.<br />Unpaid taxes result in interest fees of 0.5% per month and a maximum of 25% of a taxpayer's total balance.<br />If a balance remains unpaid within 60 days <br />of an issued CP14, the IRS may place liens <br />on property, homes and even automobiles.<br />The IRS is good at a lot of things, and one of the things they are really good at is ultimately getting their money. , Mark Steber, chief tax information officer for Jackson Hewitt, via CBS News
