Wednesday, May 4, 2011

Do Not Fear the IRS Notice!

Receiving a notice from the IRS might be one of the scariest things you face, right up there with getting your test results back from the doctor or telling your parents you want to move in with your boyfriend or girlfriend who happens to be 50 years older than you.

The notice from the IRS is no reason to panic though! You shouldn’t even worry, so long as you know that you haven’t attempted to defraud the IRS in anyway. Normally it’s either a simple misunderstanding or they are making a relatively minor adjustment to your return.

The first thing to do is to respond to the notice in whatever way they specify on the letter. Normally it’s to call a designated phone number, at which time you will be given further instructions. Often times, though, it’s not even this complicated, the IRS will elucidate the actions they are proposing, the reason(s) why and the amount they are expecting you to pay.

Should the IRS request more than just money, it’s usually going to be the supporting documents for the amounts you claimed on your return. Now seeing as we all are extremely organized and are documents are well filed, this should be no problem.

If you feel that the notice is too much to bear, or even look at, you should definitely contact a tax professional as they have dealt with the process on numerous occasions and should be able to put your worries to rest. Well, as long as you don’t have a preexisting mental condition that is. We’re not therapists or analysts.

5 comments:

  1. Dealing with the IRS, and taxes in general, can be very tricky.
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    -jeff

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