Each year, millions of taxpayers receive letters and notices from the Internal Revenue Service for a variety of reasons. Listed below are several things to know about IRS notices, in case one shows up in your mailbox.
1. Don’t panic. Most letters can be handled simply and painlessly.
2. There are a number of reasons why taxpayers receive notices from the IRS. Notices may request payment of taxes, notify taxpayers of changes in their account, or request additional information. Generally, a notice will cover a very specific issue and tax year about a taxpayer’s account or tax return.
3. Each letter and notice will provide specific instructions to the taxpayer, such as pay an amount by a certain deadline or send additional information.
4. If a correction notice is received, taxpayers should compare it with the information on the related tax return. McAtee and Associates can help explain any differences.
5. If a taxpayer agrees with the correction, then usually no reply is necessary unless a payment is due or the notice directs otherwise.
6. If the taxpayer does not agree with the correction the IRS made, it is important that a response is made as requested by the notice. The tax professionals at McAtee and Associates can help prepare a written explanation as to why the taxpayer disagrees and include any information and documents necessary for the IRS to consider. It generally takes the IRS about 30 days to respond.
7. It is important that taxpayers keep copies of all notices and return correspondence to the IRS with their tax records.
As tax professionals, McAtee & Associates can help both individual and business taxpayers with all their tax matters. Contact us for assistance in all of your financial and tax matters.
ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.
