so i was short on paying my tax in full by a few hundred dollars, i just saw on my transript they issued 0014 notice for the unpaid balance and i plan on paying it in a few days, but i was just wondering what
"Account balance plus accruals (this is not a payoff amount)" $343
what is a payoff amount?
what does this mean on my transcript?
byu/BrotherIllustrious19 intax
Posted by BrotherIllustrious19
3 Comments
Account balance plus accruals = what your balance was on whatever the most recent date they calculated it, ie. probably the day of the notice or the day before.
payoff amount = what you’d have to pay **today** to zero out your balance, including anything that accrued since the notice.
same as a loan payoff calc, basically. you may or may not accrue interest or whatever, up until the actual day you pay.
7% INT every day your balance is going up until it’s paid.
What’s the date on the Transaction Code 971 indicating the CP14 was issued?