Don't panic if the IRS sends you a letter
Have you ever received a letter from the IRS? It can send you into a real panic. There are multiple reasons why you might receive a letter from the IRS. Some might involve only minor corrections, like a missing social security number or a signature. Though there are some more serious reasons for the IRS contact. Some may involve a lot of money such as significant as a billing for more taxes, plus interest and penalties. Sometimes the IRA is correct in what they are seeking, and there are times when they are not correct.
What should you do if you get a letter from the IRS?
Here is a list of do's and don'ts concerning contact from the IRS.
* Don’t panic, but don't ignore the notice; the problem will not go away.
* Act promptly. A quick response to the IRS may eliminate further, more complicated correspondence.
* Follow the instructions in the IRS notice. Any correspondence you have with the IRS must make reference to the specific notice you are addressing.
* If you agree with the IRS adjustment, you do not need to do anything unless a payment is due.
* If the IRS is requesting more money or a significant amount of new information, be sure to contact your tax preparer immediately.
* Always provide your tax preparer with a copy of any IRS notice, regardless of how minor it appears to be.
* Keep a copy of all the IRS correspondence with your tax return copy for the year in question.
For more information or assistance with any tax matter, contact our office at (260) 497-9761.