Correspondence From The IRS ? Yikes! > NetSparsh - Viral Content you Love & Share

Home
>
Tax
>
Correspondence From The IRS ? Yikes!

Correspondence From The IRS ? Yikes!

It's a moment every person dreads. You pick up the mail and there is an envelope from the IRS. It's not a refund check. What do you do?

Don't Panic

Each year, the IRS sends out millions of "correspondence audits" to taxpayers to request payment of taxes, notify them of a change to their account or request additional information. These audits normally cover a very specific issue, often notifying you of additional small amounts of income for which you owe tax. Each letter and notice provides specific instructions explaining what you should do if action is necessary to satisfy the inquiry.

Most correspondence can be handled without calling or visiting the IRS. You simply follow the instructions in the letter and the matter is put to rest. Alternatively, you can contact the IRS to contest the matter. Simply call the telephone number indicated on the letter or write an explanation as to why you disagree. Make sure to include copies of any supporting documentation you want considered by the IRS. Typically, it will take the IRS between one and two months to respond. During the first quarter of the year, it can take two to three months.

Sometimes, the IRS sends a second letter or notice requesting additional information or providing additional information to you. Be sure to keep copies of any correspondence with your records. The IRS has been known to lose track of actions involving a taxpayer's account.

Worse Case Scenario

Everybody has a few really bad days in his or her life. You know, the car breaks down, you spill coffee on your shirt while driving to work?you get notice of a full blown audit from the IRS. The first step you take should not be drinking to excess or driving for the border. You have rights when the IRS comes calling and one of them is particularly important.

Representation

You have the right to be represented by an accountant or attorney at your audit. Under no conditions should you even consider going to an audit by yourself. Doing so would be like throwing red meat to a lion. Instead, spend the money to get representation and let them handle the audit. In most cases, you won't even have to go to the audit.

Nightmarish tax audits are generally a thing of the past. A letter from the IRS should not cause you to faint. Usually, the news isn't that bad. If it is, hire representation and let them handle it.

Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.

In The News:

New York Times
Republicans Passed a Budget Bill. What Does That Mean for Tax Overhaul?
New York Times
The vote sets the stage for what could be a wild ride of tax debate over the next few months, which Republican leaders hope will end with President Trump signing a bill into law by Christmas. The big question is whether their ambitions can survive a ...
Trump pledges biggest tax cuts ever as Senate paves wayPBS NewsHour
Trump's Tax Plan Takes a Big Step Forward, But What Comes Next Won't Be EasyBloomberg
Trump tax cuts: A 'win' for the GOP, a disaster for the rest of usBaltimore Sun
New York Post -Yahoo Finance -Chicago Tribune
all 451 news articles »

Los Angeles Times
Ryan says tax overhaul will include a bracket aimed at the wealthy
Los Angeles Times
House Speaker Paul D. Ryan said Friday that the Republican tax overhaul will include a fourth bracket for the wealthiest Americans to ensure that high earners don't benefit more than the middle class. The bracket would be “designed to make sure we don ...
Ryan: Tax plan will include higher bracket on the richPolitico
House GOP to Keep Higher Tax Rate on Wealthy, Ryan SaysBloomberg
Hilarious Paul Ryan Forgets to Mention That He's Concealing Trump Tax ReturnsNew York Magazine
The Hill -CBS News -NBCNews.com
all 115 news articles »

New York Times
Senate passes budget blueprint, key to Trump tax effort
Reuters
WASHINGTON (Reuters) - President Donald Trump's drive to overhaul the U.S. tax code cleared a critical hurdle on Thursday when the Senate approved a budget blueprint for the 2018 fiscal year that will pave the way for Republicans to pursue a tax-cut ...
Senate Approves Budget Plan That Smooths Path Toward Tax CutNew York Times
Senate approves budget kick-starting GOP tax reform effortCNN
Senate Democrats fail in first attempt to save state and local tax deductionLos Angeles Times
Washington Post -Bloomberg -USA TODAY
all 2,220 news articles »

The New Yorker
A White House Fairy Tale About the Trump Tax Plan | The New Yorker
The New Yorker
John Cassidy on the Trump tax plan and the problems with the claims the White House has made about it.
White House Push to Help Workers Through Corporate Tax Cut Draws SkepticismNew York Times
Americans would see up to a $9000 raise if US cuts corporate taxes, says Trump economic advisorCNBC
Trump's economists say a corporate tax cut will raise wages by ... - VoxVox
Washington Post -CNNMoney -Quartz -WhiteHouse.gov
all 163 news articles »

USA TODAY
IRS will block or suspend your tax return if you don't do this
USA TODAY
The IRS is warning tax professionals that it will block or suspend processing of 2017 income tax returns that do not comply with Obamacare rules requiring filers to disclose their health insurance status. The new move to tighten Americans' compliance ...
IRS Changes Position, Will Not Accept Tax Returns Which Are Silent On Healthcare CoverageForbes

all 17 news articles »

USA TODAY
Wounded and disabled, this veteran is burdened by loan forgiveness taxes
TheBlaze.com
So between federal and state taxes, interest and penalties, he owes about $70,000 that he can't pay. He tried to work a state job when his military service ended. But he couldn't maintain that employment because of struggles with concentration and memory.
Student debt forgiven, but wounded vet gets $62K tax bill - USA TodayUSA TODAY
Wounded veteran sees student debt forgiven but $62K tax billWTOP

all 5 news articles »

MLive.com
Sushi restaurant pleads guilty to stealing sales taxes collected on meals
MLive.com
Sushi Samurai on Orchard Lake Road, owned by Christina and Dong Hyun Chang, entered guilty pleas in Oakland County Circuit Court on 64 felony charges relates to embezzling sales taxes and underreporting income, according to Attorney General Bill ...
Oakland Co. eatery pleads guilty to tax chargesThe Detroit News
Fishy accounting snags owners of Sushi Samurai in Orchard LakeDetroit Free Press

all 5 news articles »

The Economist
Higher taxes can lower inequality without denting economic growth
The Economist
In advanced economies, taxation already has an impact. The Gini coefficient (a standard measure of income inequality) is around a third lower after taxes and transfers than it is before them. But whereas such policies offset around 60% of the change in ...

Chicago Tribune
Illinois math: Higher taxes, fewer employers
Chicago Tribune
Cook County's penny-per-ounce soda tax was the worst beverage idea since New Coke. Actually, the soda tax was worse than New Coke, because people love pop enough to forgive the Coca-Cola Co.'s transgression. They don't feel the same warmth ...

and more »

Telegraph.co.uk
Let's cut to it ... lower taxes will lift growth
Telegraph.co.uk
One of the great tragedies of our times is how the Government seems to look upon tax cuts as a historical curiosity. Theresa May is an accidental revolutionary: her government has been tasked with Brexit, and it feels unable to think the unthinkable in ...

Google News

Correspondence From The IRS ? Yikes!

Tax Tax