Summer is IRS Notice Season
July 12, 2011
Have you received an IRS notice in the mail? Not what you want to see in the mailbox when you trot down to get your mail. Unfortunately your odds are high because IRS notices have increased 670% over the past 10 years ago. Last year the IRS issued 201 million notices to taxpayers. See this blog post by Cordasco and Company called IRS Notice Frenzy! Many of these IRS notices are routine letters showing that you missed reporting an item on your return such as a 1099 or interest or dividend income. These are fairly easy to resolve. A small percent are letters notifying you of an IRS audit or are a request for documentation for a specific item on your return.
Below are recommendations from the IRS on how to handle these notices:
1. Don’t panic. Many of these letters can be dealt with simply and painlessly.
2. There are a number of reasons why the IRS might send you a notice. Notices may request payment of taxes, notify you of changes to your account, or request additional information. The notice you receive normally covers a very specific issue about your account or tax return.
3. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry.
4. If you receive a correction notice, you should review the correspondence and compare it with the information on your return.
5. If you agree with the correction to your account, then usually no reply is necessary unless a payment is due or the notice directs otherwise.
6. If you do not agree with the correction the IRS made, it is important that you respond as requested. You should send a written explanation of why you disagree and include any documents and information you want the IRS to consider, along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response.
7. Most correspondence can be handled without calling or visiting an IRS office. However, if you have questions, call the telephone number in the upper right-hand corner of the notice. Have a copy of your tax return and the correspondence available when you call to help us respond to your inquiry.
8. It’s important that you keep copies of any correspondence with your records.
Please contact your tax professional if you receive an IRS Notice. We can see if the IRS adjustment is correct or if the item was reported on your return but was not clearly picked up by the IRS computers. It is very possible that you don’t owe the entire amount due on the IRS notice, we want to help you to pay the correct amount of tax and not too much. Happy Summer!
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