This notice is sent when data that the IRS received from 3rd parties doesn't match your tax return and generates additional taxes and penalties.
If you want to challenge the notice, you must petition the U.S. Tax Court within 90 days (150 days if you live outside the U.S.). If you agree or disagree and have additional information for the IRS, you can complete Form 5564 that is included with the notice.
If you do not reply to the notice within 30 days, the additional taxes and penalties will be added to your tax record, a bill will be sent to you, and interest charges will begin to accrue. Learn more.
No new developments at this time.
If you have received this form, we can help. Contact us today for preliminary plan of action that considers your tax situation.
If you found this information helpful, share it with others and let us know your thoughts about it by sharing your comments below. We appreciate it.
Reference: