What to do if you Receive an IRS Notice
Posted by Thomas J. Bogar on May 10, 2010 | No Comments
Now that most of us have filed our income tax returns for 2009, we can put last year’s taxes behind us . . . or can we? Each year the IRS sends millions of letters and notices to taxpayers. If you happen to have received one of these notices, don’t panic. For starters, many of the issues addressed in the letters can be dealt through the mail without ever speaking with an IRS agent or visiting an IRS office.
There are many reasons the IRS sends out notices. For instance, they may need additional information, request payment of the taxes, or tell you there have been changes to your account. Each notice will provide instructions on what you need to do to satisfy the IRS request. You should first keep a copy of your tax return and any correspondence received from the IRS before proceeding either through the mail or by phone call.
If at the end of the day after providing the IRS with the requested documentation and you receive a correction notice, make sure you compare that correction with your return. Should you agree with the changes you do not need to do anything more (unless payment is requested). But if you disagree, you should promptly 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.
At some point you may need to seek the advice of a qualified tax professional.
Filed Under: Financial Planning, Tax and Accounting
