ID 39256798 © Atholpady - Dreamstime.com | Receiving a notice from the IRS can feel very stressful. However, there are steps you can take to limit the impact on you and your business. If you find yourself on the IRS mailing list, here’s what to do:
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- Review the discrepancy. You’ll find the tax form and the year to which the notice applies printed in the upper right corner. Pull out your copy of the corresponding tax return, along with the supporting documents, and compare what you filed with what the IRS is questioning.
- Prepare your explanation. Are the proposed changes correct? Did the IRS misapply a payment? Whatever the issue, there’s usually no need to file an amended return. However, the IRS typically wants a response, either by phone or mail, in order to clear the notice from your account.
- Do not delay. Ignoring IRS correspondence will not make it go away. Reply to the IRS in a timely manner even if you don’t have all the information being requested.
Please contact your CPAif you receive a notice from the IRS, or your state or local taxing authority. They will set your mind at ease by helping you resolve the matter as quickly as possible.