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:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Chicago Tribune
Average Chicago homeowner to pay $110 more in property taxes this year
Chicago Tribune
Chicago homeowners will be hit with higher property taxes again this year, but the increases won't be nearly as steep as last year, according to calculations the Cook County clerk's office released Wednesday. The owner of a home in the city determined ...

Wall Street Journal
Make 2018 About Taxes, Not Migration
Wall Street Journal
Although the GOP tax cut is one of the principal drivers of the strong economy, public opinion remains mixed: The latest Monmouth University Poll found that 34% approve of the tax reform while 41% disapprove. Oddly, approval was down six points from ...

and more »

BBC News
Hammond: Taxes will rise to pay for NHS boost
BBC News
The chancellor is to admit for the first time that taxes will have to rise to cover the costs of increased spending on the NHS. In a speech on Thursday, Philip Hammond will say that any increases will be done in a "fair and balanced way". He will also ...

and more »

Tax Foundation
To What Extent Does Your State Rely on Property Taxes?
Tax Foundation
Property taxes represent a major source of revenue for states and localities. In fiscal year 2015, the latest year of data available, 31.1 percent of total U.S. state and local tax collections came from property taxes, more than any other source of tax ...

Salt Lake Tribune
Salt Lake County residents will pay more taxes this fall; Sandy ...
Salt Lake Tribune
Sandy City Mayor Kurt Bradburn remains opposed to a $58 million countywide sales tax hike for roads and transit but won't veto the City Council's approval, his ...

and more »

Atlanta Journal Constitution
Fulton County advertises potential for higher property taxes
Atlanta Journal Constitution
Sharon Whitmore, Fulton County's chief financial officer, said the county may be able to reduce the tax rate as low as 9.62 mills, which would be considered revenue neutral. But it all depends on how many people appeal their property values, and how ...

and more »

Kansas City Star
Taxes for KC Streetcar extension to UMKC approved by voters | The ...
Kansas City Star
Plans for expanded Kansas City streetcar service took another step forward as a handful of voters approved special sales and property taxes to extend the ...
Taxes for Kansas City streetcar extension approved in votefox2now.com

all 25 news articles »

Dallas News (blog)
Pay police more? Raise taxes? Dallas City Council sees less growth in years ahead as needs mount
Dallas News (blog)
The Dallas City Council might want to have it all, but the days of robust tax revenue growth could be winding down, officials said Wednesday. Budget officials lowered their forecast next fiscal year for growth in sales tax revenue, which makes up about ...

and more »

Vox
To stop endless war, raise taxes
Vox
The economist Adam Smith recognized how war taxes curbed the public's appetite for war hundreds of years ago. Observing the variation in how European governments paid for the wars of the 1600s and 1700s — debt or taxes — he wrote: “Every new tax is ...

WOAI
Bill could freeze property taxes of longtime homeowners
WOAI
Affordable homes become unaffordable when rising values increase property taxes. "It was their neighborhood and if they get priced out because of the tax increases, then it's fundamentally inequitable and unfair and wrong," said Beacon Hill homeowner, ...

Google News

Correspondence From The IRS ? Yikes!

Tax Tax