There are many reasons you may be receiving a letter from the IRS, but don’t panic and read this first!
Are you getting letters and notices from the IRS that seem like they just keep coming? Do you feel like you’re underwater with no ability to come up for air? You are not alone in this. It happens to so many of us. We all want some tax relief especially in the unprecedented times of COVID19 when so many of us are feeling overwhelmed.
Every year, the IRS sends out millions of letters to people just like you, but there is no reason for them to induce fear. Don’t panic. There are many reasons you may be receiving a letter from the IRS. Today, we are going to give you a few things you need to do that will help ease your mind.
Read and Respond
The IRS loves to tack on interest to any money that may be owed to them. Uncle Sam never forgets and always collects. So, the first thing that you should do always when receiving a letter from the IRS, is to open it. Always!
Review and respond to each letter that you receive. This is one of the most important things you can do. Reviewing will give you the instructions you need to know to properly handle the issue addressed by the letter. Understanding your IRS letter is the first step in stopping more letters or notices from coming.
Whatever the issue may be within the letter or notice you’ve received, taking action on it in a timely manner will almost always save you money. Most times you’re able to get an extension on monies owed to the IRS. Other reasons you may be receiving a letter or notice could be back taxes owed, a simple payment request, changes to your account, and even to deal with a specific issue on your tax return.
Taking these kinds of actions helps minimize any further or additional penalty charges or interest charged to your account.
If you find something that the IRS is claiming in a letter or notice to be inaccurate, you should always respond in a timely manner. We’re not all tax experts so it’s important when disputing an IRS letter to consult your tax professional. They will help guide you through the dispute and in composing your response letter. Your tax professional will also be able to be certain that all of the correct information and tax documentation is included for the IRS to properly and thoroughly review your dispute. A response to any dispute will take usually about 30 days to come back to you.
Ideal Tax Solution can help guide you through every step of your letters or notices from the IRS. We’ve got years of experience properly reviewing and responding to IRS letters and notices. No one needs to go through the stress and fear of IRS notices alone. We at Ideal Tax Solution fight for you. We know how to properly respond to any IRS request and even disputes. Call us today and find out how we can help you!
We provide professional guidance to people whose lives have been affected by tax problems. To evaluate your specific tax issue and determine if you qualify for tax relief, please contact us for a free consultation.
The content of this post is not intended to replace the advice of a licensed tax professional. Consult a qualified tax professional for questions specific to your individual circumstances.