This summer you might receive some heat in the form of an IRS Notice or other communications regarding this year or a previous year tax returns. Many of these notices will indicate that further funds are owed or that a mistake was made. If you receive any documents of the sort, it is important that you (1) understand what your are receiving, (2) know your options and rights in dealing with the matter, and (3) actually resolve the issue. The worst thing you can do as a taxpayer is receive a notice from the IRS and ignore it; simply hoping it will disappear. This can cost you more time and money in the long run.
The IRS actually provides a great starting point for reviewing your taxpayer rights at the following link:
http://www.irs.gov/advocate/article/0,,id=98206,00.html
In many cases, taxpayers are left confused about what the IRS Notice means and what the implications are for them as they move toward trying to resolve the issues with the IRS. If you find yourself in this situation, contact your CPA, provide them with the Notice, and file a Power of Attorney with the IRS granting your CPA the right to discuss the matter directly with the IRS. This will remove you as the middleman and allow your CPA to most effectively provide the IRS with the information needed to resolve your issues.
There’s not enough time or space on this blog to discuss the multitude of Notices that exists and varying implications for your personal tax situation; however, please take home with you today the importance of acknowledging IRS Notices and finding a solution.
brad@mcarthurco.com
704.544.8429
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