There are many reasons why the IRS may mail you a letter – oftentimes people jump to conclusions and think the worst. After all, receiving a letter or notice in the mail from the IRS is enough to upset anyone, as it can be scary to think you have done something that might threaten your lifestyle or family’s finances.
Have you received a letter from the IRS? Don’t let your fear overwhelm you. Our team of tax filing experts put together this overview to help you better understand what you may be dealing with, and some clear steps to take, to help guide you in the right direction.
Reasons For Letters Or Notices
The IRS sends letters and notices for a variety of reasons. These include:
- Your tax refund needs to be adjusted
- Your identify needs verification
- Your tax return required changes or corrections which the agency made
- Your tax return raised questions that the agency needs to be answered
- Your tax return is being delayed
- You owe the agency money
- You are being audited
How To Resolve The Issue
In most cases, the IRS will be contacting you about one of these specific issues and it will tell you how to resolve it or how it is being resolved. It’s important for you to carefully read the notice or letter in its entirety, as the agency typically provides instructions for what you should do next; if action is required on your part.
If they would like more information from you, for instance, you may need to send in documentation or provide evidence to the agency. If money is owed, the IRS will inform you how much you owe, why, and how you should go about paying it.
In some situations, no action is required on your part and the IRS is simply making you aware of changes with your tax profile or return.
How To Disagree
It is possible you will disagree with the agency’s position or any changes they are enacting. If this is the case, you may send a letter to the IRS detailing the reasons for your disagreement and any documentation you have to support your stance. If there is a part of the letter or notice the agency sent you that can be torn off, send it in with your letter to identify you and your situation. Please note that the typical IRS response time to these letters is thirty days or more.
There may also be a number listed for you to call if you would like to contact the IRS over the phone. If you choose to call the agency, the IRS recommends you to be ready with your tax return and the letter or notice they sent you.
Need Assistance With Your Taxes? Work with Orlando’s Most Trusted Accountants
Getting a letter from the IRS can feel intimidating, but with the right knowledge, it can be managed. If you find yourself in need of professional guidance when it comes to your finances and working with the IRS, it’s important to work with an experienced team.
KDK Accountancy Corporation is a leading, award-winning Orlando CPA Accounting firm offering comprehensive tax and accounting services to both businesses and individuals. Contact us online, or call our team directly at (407) 677-1015 for a consultation today!