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:

​Corporate tax cut for domestic and new domestic manufacturing companies: FM Sitharaman announces  Economic TimesThe government on Friday slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent and offered a lower rate to 17.01 per cent ...
Congress' Jairam Ramesh points out corporate tax cut made to coincide with 'Howdy Modi' event  Business TodayThe Congress party has said the Modi government's decision to reduce corporate tax from 30 per cent to 25.2 per cent is a "welcome step but it's doubtful ...
Nifty, Sensex soar nearly 6% as government cuts taxes to prop up growth  India TodayIndian shares surged nearly 6% and were set for their best day in more than a decade after the government announced deep cuts in corporate taxes to revive ...
Corporate tax cut 'surgical strike' on negative sentiments in economy: Analysts  Moneycontrol.comThe reactions came as the government on Friday slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent and offered a ...
GST Council to opt for just minor tax tweaks  LivemintGOA : India's federal tax council is likely to ignore the rising chorus for tax relief at its Friday meeting and make only minor tweaks instead as a revenue shortfall ...
Direct tax collection picks up  BusinessLineBut it is still far short of the targeted 16% growth rate in mop-up for the full year.
FM Nirmala Sitharaman cuts corporate taxes for domestic, new manufacturing companies  India TodayNirmala Sitharaman proposed to slash corporate tax for domestic companies and new local manufacturing companies through an ordinance.
Bankrupt companies take indirect tax department to court over GST software not being in sync with IBC  Economic TimesMUMBAI: Several companies in administration have dragged the indirect tax department to court over the Goods and Services Tax (GST) software, which they ...
India FY20 fiscal deficit may surge 70 bps on govt tax measures  LivemintGoa: India's fiscal deficit is likely to surge at least 70 basis points to 4% of GDP in 2019-20 as a result of the corporate tax cuts announced by finance minister ...
Advance tax mop-up posts dismal growth, rises by just 6% in H1FY20  Business StandardThe tax authorities are faced with a steep revenue collection target for 2019-20, with advance tax mop-up posting dismal growth in the first half of the financial ...
S&P Global says corporate tax cut 'credit negative'  Economic TimesMUMBAI: Rating firm S&P Global said on Friday India's move to cut corporate tax rates was a "credit negative development" despite potentially boosting the ...
India Inc says tax giveaways will revive their animal spirit  Economic TimesMUMBAI: Hailing the massive tax giveaways to corporates to the tune of Rs 1.45 lakh crore, industry captains said the decision will not only boost the economy ...
Exclusive | Deepak Parekh on corporate tax cut: 'It is a great boon'  Moneycontrol.comIn an interaction with Moneycontrol, Deepak Parekh, Chairman, HDFC, spoke about how the corporate tax rate cut could revive investments and market ...
Buyback tax: Major relief for Infosys, Wipro; but IT sector may not have much to gain  MoneycontrolInfosys and Wipro can breathe a sigh of relief. Both companies will be exempted from the buyback tax of 20 percent, which was announced during Budget 2019.
Corporate tax cut: Uday Kotak, Kiran Mazumdar Shaw, Ajay Piramal, others welcome 'bold move'  Business TodayCorporate tax cut: Kiran Mazumdar Shaw said that the move will revive growth and investment, while Uday Kotak called it a bold and progressive step forward.
View: Sitharaman's corporate tax cut move is a sixer for sentiment, but a four for the economy  Economic TimesWith the loan melas and the corporate tax cut, the government has addressed the short-term sentiment problem. The stock markets have responded with joy and ...
Corporate tax rate cut a long-term positive, will have chain effect: Rajat Rajgarhia, Motilal Oswal  Moneycontrol.comThe government's move of slashing corporate tax rate will have a chain effect and bodes well for the market in the long term, Rajat Rajgarhia, Managing Director ...
Exclusive: Bold move, will help economy, RBI Governor Shaktikanta Das reacts on corporate tax rate cuts  India TodayReserve Bank of India Governor Shaktikanta Das praised the government for its "bold" move to slash corporate tax rates in a bid to boost the ailing Indian ...
India’s budget gap seen widening to four-year high on tax cuts  Economic TimesThe median of the survey of seven economists showed fiscal deficit may rise to 3.9 per cent of GDP.
Nirmala Sitharaman press conference LIVE updates: Corporate tax relief to help stabilise economy, says Tech Mahindra's Gurnani  Moneycontrol.comAddressing her fourth press conference to revive the economy, the FM announced a cut in the corporate tax rate for domestic companies and new domestic ...
Income tax department issues warning against this fake SMS  LivemintThe income tax department has warned against a fake SMS doing the rounds.You should never click on such links sent in SMSes as it could be a phishing trap.
E-assessment scheme for faceless scrutiny of income tax returns notified  Economic TimesThe finance ministry has notified the e-assessment scheme 2019 for conducting faceless scrutiny assessment of income tax returns (ITR). The scheme involves ...
India GST panel likely to recommend tax cuts on 20-25 products - sources  Economic TimesThe panel, comprising state finance ministers and the federal finance minister as the chair, will shortly meet to decide on reducing tax rates to boost growth.
Closing Bell: FM's tax relief kickstarts party on D-Street; Sensex up 1,921 pts, Nifty closes above 11,250  Moneycontrol.comThe Sensex was up 1921.15 points or 5.32% at 38014.62, while Nifty was up 569.40 points or 5.32% at 11274.20.
Government needs to clarify on angel tax exemption, tax capital gains alike: Mohandas Pai  Economic TimesBENGALURU: Venture capitalist TV Mohandas Pai has urged Finance Minister Nirmala Sitharaman to treat capital gains from both unlisted and listed ...
Corporate Tax Cuts: Cong Says Constant Roll-backs will Worsen Economic Situation, Questions Timing  News18New Delhi: The Congress on Friday said the government's "constant roll-backs" may give an "impression of progress through stock market bumps" but these will ...
Cut in corporate tax will help to revive the economy over the next few quarters: Experts  Economic TimesThe slew of measures announced by Union finance minister Nirmala Sitharaman on Friday to revive investment in the country including a cut in corporate tax will ...
Effective tax outgo falls by 28% for biggies, by 13% for smaller firms  Economic TimesNEW DELHI: Bigger companies are set to benefit more from the corporate tax cuts as the effective tax for them will come down by up to 28 per cent. Smaller ...
These 20 Nifty 50 companies pay more than 30% tax rate; time to buy?  Moneycontrol.comAny company paying 33% tax rate will see its earnings go up by 12%. Overall, Nifty earnings going up by ~5-6% in FY20.
Uttar Pradesh not only state where state exchequer pays income tax for CM, ministers  MoneycontrolThe state exchequer has been bearing the tax burden of the chief minister and council of ministers of Uttar Pradesh since the last 40 years, under the Uttar ...
Bank stocks seen top beneficiaries of corporate tax cut  LivemintIndia's bank stocks will be the biggest beneficiaries of Prime Minster Narendra Modi's move to slash the corporate tax rate to among the lowest in Asia, according ...
After 40 years, UP ministers to start paying income tax  Economic TimesYogi Adityanath has asked ministers to start paying their own income tax, ending the four-decades-old practice.
Here is how the tax cuts will help sectors  Moneycontrol.comHighlights: - Historic corporate tax rate cuts will have varied impact on sectors - Fiscal bonus to be used for investment or for passing on the benefits to ...
Lower income tax rates likely in direct tax code regime, hints CBDT member  The Financial ExpressThe Centre's gross tax buoyancy more than halved to 0.7 in FY19 from 1.5 in FY17, proving the above-trend surge in tax mop-up post-demonetisation was ...
Taxes are the least of Elizabeth Warren's 'Medicare for All' problems  CNBCDemocratic presidential candidate Elizabeth Warren has been given more than one opportunity over the past two weeks to clarify her response to a key question ...
Corporate tax rate cut to spur demand for warehousing, commercial real estate  Moneycontrol.comWith the government slashing corporate tax rate to 25.17 per cent, real estate experts said that the move is expected to have a positive impact on the sector and ...
Finance Minister announces new tax refund scheme, easy credit to boost exports  Economic TimesFinance Minister Nirmala Sitharaman Saturday announced a slew of measures to boost the economy, including a new scheme to refund taxes and duties on ...
Sensex sheds 3.5% in 4 days on concerns over slowdown, lower tax mop-up  LivemintMumbai: Indian equities fell over 1% on Thursday as investors remained concerned over slowing consumer demand and lower-than-targeted tax collection.
Opinion | You may not get tax refund if you haven’t validated your bank account  LivemintHave you received your refund for the income tax return that you filed last year? If you have still not received it, that's probably on account of the fact that there is ...
Tax rates now comparable to the US: Piyush Goyal  Deccan HeraldThe measures also get our tax rates comparable to those in the US and in South Asian economies, if one were to include the exemptions thrown in, Goyal said.
Federal judge halts California law forcing Trump to release tax returns to qualify for ballot  CNNA federal judge has ordered a temporary injunction against the California law requiring presidential candidates to release their tax returns to secure a spot on ...
The new tax plan |India Today Insight  India TodayThe Modi government considers a Donald Trump-style overhaul of India's direct taxes to increase compliance and reduce 'tax terror'.
Companies will have the leeway to cut prices: Maruti’s Bhargava on tax relief  Livemint'Companies will now have the leeway to become more competitive in the market place'.'They can (if they want to) reduce prices or use any other measure to the ...
Income tax department relaxes time for applying for compounding of offences  LivemintNEW DELHI : The income tax department has relaxed time for applying for compounding of income tax offences by launching of a one-time facility. The Central ...
Seniors will soon have their own IRS tax form  CBS NewsNew Form 1040-SR should allow seniors to file income taxes without benefit of an accountant -- or a magnifying glass.
New Income-tax law – third time lucky?  Moneycontrol.comHimanshu Parekh. The current Income-tax Act, enacted in 1961, is nearly six decades old. With time, there have been a plethora of amendments making it a ...
Tax cut: Nifty earnings set to get a boost of 6-7%, say D-St experts  Economic TimesMumbai: Nifty earnings are likely to get a boost of up to 6-7 per cent after Finance Minister Nirmala Sitharaman proposed to slash corporate tax for domestic and ...
Tax booster a AAA rated announcement from government: Sunil Singhania, Abakkus Asset Manager  Economic TimesThe policy indicates that the government is willing to forgo some tax revenue, maybe a little bit of fiscal prudence but ensure that the economy comes back to the ...
New corporate tax rates give companies flexibility to choose between tax structures: Seshagiri Rao, JSW Steel  Moneycontrol.comDepending on its capex cycle, a company can choose between existing tax rates with payment of MAT or, the reduced corporate tax.
Tax bonanza will prove to be a game-changer: Anil Agarwal, Vedanta  Economic TimesThe tax level has been brought to global level and on the top of it, incentives have been given for the new industry. This will give boost to the sentiment, says Anil ...
HDFC Bank shares surge most in 30 months after govt slashes corporate tax rate  Moneycontrol.comShares of HDFC Bank surged 10 percent on BSE on September 20, marking their highest intraday gain in over 30 months, after the government announced ...
Tax cut a game-changer; may see straight big gain on Monday too: Vikas Khemani  Economic TimesAs long as the directionally things have changed, this is bringing the risk appetite back, says Vikas Khemani, Founder, Carnelian Capital Advisors. Excerpts from ...
Too many taxes, anti-rich mindset need to go for economy to be back on its feet  Times of IndiaThe economy is in bad shape. There is no more debate about it. With a second innings of a super-stable government, we should be looking at a double-digit ...
Tax reduction means better capital efficiency for engineering sector  Moneycontrol.comOne very important aspect of capital intensive sectors such as construction and engineering is they require a huge amount of capital. With the reduction in ...
Road tax hikes making cars unaffordable, says Maruti Suzuki chairman R.C. Bhargava  The HinduCiting increases in road taxes by various States as one of the main reasons for higher car prices, making them unaffordable, Maruti Suzuki chairman R.C. ...
CBDT launches one-time facility for compounding of income tax offences  Economic TimesA one-time facility to apply for compounding of income tax offences has been launched and taxpayers can avail this opportunity by December 31, a latest CBDT ...
Taxing wealth at lower rate than income is wrong, says thinktank  The GuardianThe government could gain £90bn in extra revenue over five years if it taxed income from wealth in the same way it taxes income from work, according to a ...
Govt reworking its strategy to enhance direct tax mop-up: CBDT Member Ranjan  Economic TimesNEW DELHI: The government is reworking its strategy to boost revenue collection from direct taxes which has been lagging behind so far, a senior CBDT official ...
Portugal Tax Authorities Clarify That Buying Or Selling Cryptocurrency Is Tax-Free  ForbesThe United States may be taking a hard line on cryptocurrency, but not all countries are seeking to collect from the virtual currency boom. Portugal has clarified ...
New income tax rule on insurance maturity proceeds: 5 things to know  LivemintThe new income tax rule on receipt of maturity benefits from insurance policy came into effect from 1st September.A higher TDS will be levied if the insurance ...
Be aware of the taxes to pay while buying, selling or letting out a house  Moneycontrol.comCarefully preserve the records of your financial transactions relating to the house property, proof of payments, sources of investment etc.
Friday blockbuster: Sensex surges over 1,900 pts on FM's corporate tax bonzana  Economic TimesThe tax bonanza by the FM Nirmala Sitharaman to FPIs and corporate sector gave Dalal Street investors Rs 5 lakh crore lift within minutes. Data showed BSE ...
Income tax benefits on costs of education under Section 80E to Section 80  LivemintThe Income Tax Act allows tax benefits for a loan taker for higher education when certain conditions are met.Tax benefits have been laid down under Section ...
As govt foregoes tax income, bond traders fear more supply  LivemintThe benchmark 10-year govt bond yield surged by over 20 basis points after the govt announced a corporate tax cut.Finance Minister Nirmala Sitharaman puts ...
Tax task force recommends new tax slabs for individuals  India TodayA government constituted Direct Tax Code task force, headed by CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals. It has proposed ...
Google will pay over $1 billion after French investigation over dodged taxes  The VergeGoogle has agreed to pay a $550 million fine to settle an investigation in France over its tax practices, Reuters reports.
Government to tweak Income Tax Act, won’t replace it with direct tax code  MoneycontrolNEW DELHI : The government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to ...
Govt hoping for windfall gains from tax amnesty scheme  Business TodayAt a time when the government is scurrying for every penny that counts - because of fiscal uncertainty arising out of a slowing economy - it can hope to get some ...
Maruti sees biggest rally in 7 years on tax booster  Economic TimesMaruti Suzuki share prices surged 11 per cent in intraday trade on Friday, the biggest rally in seven years, amid short covering in the beaten-down counter ...
The New Tax Math for People Living in High-Tax States  The Wall Street JournalMore snowbirds are expected to make a permanent move as the curbs on state and local tax deductions are starting to be felt. The Tax Cuts and Jobs Act of ...
Healthcare industry welcomes govt's decision to slash corporate tax rate  Moneycontrol.comHealthcare industry on Friday welcomed the government's decision to slash corporate tax, and said rationalisation of tax structure will provide much-awaited ...
This triple tax-advantaged account might beat your 401(k) plan  CNBCThere's a savings account with a potential advantage over your 401(k) plan — and it just might help you save on taxes. It's your health savings account, and it's ...
Taxing times  The Indian ExpressSluggish tax collections are likely to upset spending plans. Government needs to explore other ways to shore up revenues.
Opinion | It’s time for a direct tax regime that’s growth-focused and fair  LivemintA more efficient direct tax system can create space for a lower and less complicated GST that could boost economy activity.
Corporate tax rate cut will boost earnings by 15-17%: Sushil Kedia  Moneycontrol.comSlashing corporate tax rates is a 'regime change' sort of move and will work for over 10-15 years, said Sushil Kedia, Founder, Kedianomics, in a chat with ...
New income tax rules come into effect from September 1. Latest changes explained  LivemintSome income tax changes announced in this year's Budget comes from September 1, 2019. The full Budget for this year was presented in July this year.
Corporate tax rate cut: Biggest move since 1991 reforms, says Vallabh Bhanshali  Moneycontrol.comTerming the decision to slash corporate tax a 'momentous move', Vallabh Bhanshali, Chairman, Enam Securities, said the intent of the government can be ...
HUL, Nestle, Bata, DMart, Asian Paints hit new record high on tax rate cut  Business StandardShares of consumption related companies including Hindustan Unilever (HUL), Nestle India, Bata India, Avenue Supermarts (D-Mart), Asian Paints, Berger ...
Tax cuts sugar in drinks, but we still eat more  BBC NewsThe tax on sugary drinks has led to their sugar *content* falling by 29%, Public Health England figures show. However, efforts to persuade manufacturers to ...
Apple Says It Would Rather Not Pay $14.3 Billion in Back Taxes to the EU  GizmodoThe European Union has ordered Apple to pay roughly $14.3 billion (13 billion euros) to cover back taxes the EU says is owed to Ireland. But Apple is putting up ...
Don't reveal PAN on social media, Income Tax department warns  LivemintThe Income Tax department has asked all PAN card holders to not share their Permanent Account Number on social media.The I-T department has an online ...
A wealth tax could totally remake charity in the United States  Vox.comIn the past year, a massive, predominantly left-wing backlash to mega-philanthropy has broken out. Writers like Anand Giridharadas, Rob Reich, and Rutger ...
Is it time to switch income tax with a sales tax?  The GuardianIs it time for the US to consider switching from income tax to a progressive consumption tax as a way of addressing growing wealth inequality? Many economists ...
7 changes in income tax laws that come into effect from Sept 1  Economic TimesHere is the list of the seven main changes in tax laws that will come into effect from September 1.
2 Indian-origin businessmen banned in UK for tax evasion  India TodayTwo Indian-origin restaurateurs have been banned from the formation, promotion or management of a company without permission of the court over tax evasion, ...
What the corporate tax cuts mean for India, in four charts  Forbes IndiaFinance Minister Nirmala Sitharaman slashed corporate tax rates for domestic companies from 30% to 22%, which formed India's biggest revenue source. A look ...
Not just UP, five state governments bear tax burden of CM and ministers  Times of IndiaIndia News: The state exchequer has been bearing the burden of income tax of the serving chief ministers and their council of ministers in five states, apart from.
10 Tax Tools to Help Crypto Owners  Bitcoin NewsWhile tax laws on cryptocurrency vary by jurisdiction, there are many useful tools to help you calculate crypto taxes, lower your tax liabilities, and simplify your ...
What is the tax liability of buying a second house using a home loan?  Economic Times"Income from house property is taxable once the taxpayer gets possession of the property."
Bill Gates 'wouldn't be against a wealth tax' — here's how it could affect his fortune  CNBCDespite being the world's second richest man, Bill Gates has been a frequent supporter of higher taxes on America's most wealthy. Democratic presidential ...
How to use NPS to reduce your income tax this year  LivemintYou should start planning for income tax if you have not done so far. Among other options, you could closely look at NPS or National Pension Scheme to save ...
Soon seniors will have their own IRS tax form  msnNOWFiling an IRS tax return is likely to be simpler next year for at least 10% of the 150 million Americans who do so. That's because there'll be a new 1040 form ...
Govt Move to Cut Corporate Tax Will Boost Net Income of Companies, Says Moody's  News18New Delhi: Moody's Investors *Service* on Friday said the government's move to cut corporate tax rate will boost net income of Indian firms, and is a credit positive ...
Lower corporate tax will prop up earnings numbers: Nilesh Shah, Envision Capital  Moneycontrol.comReduction of corporate tax was the kind of stimulus which the industry and markets were waiting for, Nilesh Shah, MD & CEO, Envision Capital, said in an ...
What to expect from the Direct Tax Code  Forbes IndiaA report, which aims to overhaul the Income Tax Act, has not been released to the public, but its recommendations are expected to cover four primary areas.
Farm bodies exempted from 2% tax at source on payments above ₹1 crore  LivemintNEW DELHI : To give relief to the rural economy, the government has exempted agriculture produce marketing committees (APMCs) from the purview of the 2% ...
Is interest paid on foreign home loan tax-deductible in India?  Moneycontrol.comInterest on housing loan paid outside India can be claimed as a deduction in calculating income from house property, only if some important conditions are met.
College student tried to hack into Trump’s taxes by creating a fake FAFSA application  The VergeTwo college students are facing federal prison time for attempting to hack into President Trump's tax returns, as reported by CyberScoop. Andrew Harris, 24, and ...
Amid Slowdown, Cars Get Pricer Due To Road Tax Hike In 9 States  ZigWheels.comPrice hike ranges from Rs 5000 to Rs 57000 (on-road) depending upon the model.

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