Notice CP71C - Estimated Tax Penalty
IRC Section: IRC § 6654
Response Deadline: 60 days
This notice calculates an estimated tax penalty for the tax year. It shows how the penalty was computed and how to avoid it next year.
Common Triggers
- Self-employment income
- Investment income
- Inadequate withholding
Resolution Steps
- Step 1: Review the penalty calculation
- Step 2: Check if you qualify for first-time abatement
- Step 3: Contact us to discuss penalty abatement
- Step 4: Set up estimated payments for next year
- Step 5: Consider increasing W-4 withholding
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