When it comes to hearing from the IRS, most people assume that “no news is good news.” However, just because you receive some kind of notice from the IRS does not mean that you have to panic, nor does it necessarily mean that you have been selected for an audit. So, if you happen to receive a notice from the IRS, take a deep breath and tackle the situation with a level head.
First things first, carefully read through the letter and make sure you understand what it is telling you. There are actually many reasons that the IRS might send you a notice. Possible reasons include:
l To inform you that you owe more taxes
l To inform you of a larger refund coming your way
l To request missing or extra information related to your tax return
If you are having trouble understanding your notice, you can refer to the notice number printed on it. Using this number on the IRS website, you can get more information about the type of notice that you have received. You can also show the notice to a qualified tax professional for clarification and explanation.
In most cases, you will have 30 days to respond to your IRS notice. Make sure that you do provide some kind of response within the given time frame and that you follow any instructions on the notice carefully. Again, if you’re feeling unsure about what to do, turning to a tax professional is your best bet.
Typically, as long as you feel certain that the information on the notice is accurate and correct, all you have to do is follow the instructions given. If, however, you believe the information is incorrect, you will need to get in touch with the IRS and explain your concerns, which is also something that a tax professional can help you with.
No matter what, however, make sure that you do not ignore the notice, no matter what it says. Ignoring an IRS notice will lead to more trouble and problems in the future, so, whatever you do, take action right away.
No comments:
Post a Comment
I welcome your comments here :)