Tax know-it-alls, check in, please! The IRS just sent me a bill --

[intheozone]

5. I can help you.

You will not need to file a new return. The IRS found and corrected a math error on your return, it has already corrected your 2010 tax account. The IRS can correct math errors without contacting you first or issuing you an official notice, it just makes the correction and bills you for the underpayment, or issues a refund if the error is in your favor.

If you owe only a few thousand, you can call the telephone number on the notice of amount due and ask for a 120 day extension of time to pay. You will be charged interest, but the current rate is only 3 or 4 percent per year so if won't be too much. You also will be charged a late payment penalty of 1/2 percent per month, calculated on only the tax amount.

Good luck, hope this info helps.


(edited to fix typo)