Notice CP80 is similar to Notice CP81 & it invites you to file your return because you have money in your account. It implies that you will get a refund. It is true that if you do not file your return within the time period, you lose the refund and you don't get an offset against other taxes you may owe.
However, it is important not to over-react. Depending on the facts & time periods involved it is not wise to rush out and file a return before reviewing your IRS information and considering your options. Especially since the IRS may seize your refund to pay for other taxes or student loans, etc.
Steps in Response to Notice CP80
First, order your "Wage & Income Transcripts" from the IRS. These will reveal all third-party records which have been filed for you with the IRS. From this, you can re-construct your income to begin preparing your return. Without your Wage & Income Transcripts you will not know what records have been filed for you.
Obviously, if you have various deductions, credits or children to claim on the return you will have to gather the particulars about all of these issues. Because preparing the return may require reconstruction of evidence, you may have to get all of your bank statements as well. Some taxpayers fear they have lost all of their evidence. Do not worry, follow the Prep Steps for Lost Documents.
Next, please follow the Prep Steps & contact our Tax Attorney for a confidential, tax-deductible consultation.
Various Types of Notice CP80:
