Its well past any filing dates for IRS tax returns and you go to your mailbox only to find that you have a letter from the IRS. Never a good feeling, but not necessarily the end of the world either! Sometimes such notices are serious, but most of the time its no big deal. But just in case you are the lucky recipient of such a letter, here are some basic steps you should take:
- Don’t panic. It may just be a simple explanation.
- Each letter is very specific as to what you need to do to answer the inquiry.
- If the notice is about a “correction” on your tax return, compare it with the numbers on your return.
- If you agree, nothing further needs to be done. It was just a notice that the IRS changed something.
- If you do not agree, it is important that you respond to the request within the time period outlined in the IRS letter.
- If you do not agree, respond in writing why you disagree. Tear off the bottom portion of the letter and return it, along with any relevant documents or information.
- Keep copies of everything you sent to them.
- Mail to the address the IRS provides in the letter.
- Allow 30-45 days for a reply.
- Most issues should be handled in writing. However, if you have a question, use the phone number provided in the upper right-hand corner of the letter.
If you’d like to stay on top of recent tax changes from year to year, visit www.irs.gov and click on the “news tool bar” and then select “e-news subscriptions”.
Questions, give me a call or drop me an e-mail!