You’ve Received a Notice From the IRS. Now What?

Tax

Getting an IRS notice in the mail can be scary and overwhelming. But, they often aren’t the catastrophe they may initially seem to be, and careful handling can resolve the issue quickly and painlessly.

First off, make sure you have a CPA that you trust in your corner. Not all tax preparers are CPAs, but a CPA will have the knowledge and tools to help you deal with the notice quickly and efficiently.

Know that most IRS notices aren’t all that bad. Most notices aren’t threatening to put a lien on your property or levy your retirement account. Many IRS notices are simply asking for more information or clarification of something from your tax return. You and your CPA should read the notice carefully and make a plan for resolving the issue.

The adage “hurry up and wait” applies well to IRS notices. You should take all notices seriously and respond to them promptly. Unfortunately, once the ball is in the IRS’s court, you’ll need to be patient. The IRS handles hundreds of thousands of notices, and it will take them time to process your response no matter how quickly you respond.

The best way to prepare for an IRS notice is to have a competent CPA prepare your tax return to begin with. Schreiber Accounting and Advisory can help with tax preparation and planning services. Contact the firm for more information.

Material discussed is for informational purposes only. It is not to be interpreted as investment, tax, or legal advice. Individual situations vary, and this information should only be relied upon when coordinated with individual professional advice.

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