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CP 515 is a notice that you will receive when you fail to file your tax return. This is the first notice that you are going to get from the IRS asking you to file your return. The IRS requires all citizens, residents etc. to file a return. Sometimes you are not liable to file and the IRS thinks you are. Filing issues must be resolved, or may may wind up paying taxes that you are not really liable for. If you have received a CP515 request for tax return notice, then the IRS believes that you have not filed your return. Even if you have a signed registered receipt for the return mailing.
Why You Received a CP 515
Many people do not file a return because they feel that they do not need to. However, if you have received the CP 515 form from the Service asking you to file the tax return, then maybe you are required to file. Given below are some of the reasons why you may have received the CP 515, request for tax return.
The income that the Service believes to be yours is actually not your own income. For example, you have opened a bank account for a relative and you gave your own social security number by mistake, and normally you do not file a return.
You reported the income in the wrong accounting period. This usually happens when someone makes a payment to you at the end of the year but you do not get the money until the start of the next accounting year and you report this income in that year, and that income brought you over the limit for filing.
The IRS returned your tax return for lack of a signature and you didn’t know about it.
The return was lost somewhere after you mailed it and before they logged it in their system.
Whenever you send your return in to the IRS, you should mail it registered receipt. This way if it is lost, you will have a good enough reason to have the penalties removed. We can help you make sure that the IRS has a copy of any years they may be missing, even if you haven’t prepared them yet. Call us at 713-774-4467.
If you have received the CP 515 notice, it means you have failed to file a tax return, or at least the IRS has not logged in a copy on their computer system. The type of return and tax period will be shown in the upper right corner as well as in the body of the notice. File the return as soon as possible, (after assessing your whole IRS situation), otherwise your case will be transferred to an audit group who will prepare the return for you, without those necessary deductions you need to lower your liability.
These are common terms and our thoughts about them used us in our business:
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Here are some useful tax offices you may want to contact: