Receiving anything from the IRS can bring on significant stress and can cause you to panic. It’s easy to feel anxious and not know how to react when the situation presents itself. We’re here to remind you to not panic and provide helpful information on what to do if you happen to be one of the millions that receives a letter or a notice this year.
First it is important to remember that the IRS doesn’t contact taxpayers by email or phone and will not threaten with lawsuits or other enforcement. Keeping this in mind will help you to know if your tax notice is legitimate or a scam.
If you are a client of Wassman CPA Services we always recommend you bringing the notice to us. We are happy to determine if anything or what needs to be done with the notice.
IRS notices are usually pretty specific, asking about your tax return or account. Sometimes, they will be requesting payment, and if so, it is crucial to review your tax return. Compare their information in the notice or letter to what you have on your return. If all looks well and you agree that their information is correct, a reply generally isn’t necessary unless you do owe payment.
If you do not agree, it’s important that you respond as they have requested and that you do so promptly. Make sure you have proper documentation and verification of any information that you deem to be different from the information in your notice. Make sure to keep copies for yourself of how you responded and what information you sent.
It typically takes the IRS a while to respond, so if you don’t hear back regarding your response quickly that is to be expected. Allow at least 30 to 45 days for their response.
Most importantly make sure that you discuss the notice either with your tax preparer or personally and promptly. It is much easier to deal with notices timely than months later.
The Wassman CPA Services website and blog is meant to offer general information to our readers. The information provided is not intended to replace or serve as a substitute for any accounting, tax or other professional advice, consultation or service. You should contact Wassman CPA Services for advice concerning specific matters prior to making any decisions.