A letter from the IRS will probably increase your heart rate a little. Don’t panic; many of these letters can be dealt with simply and painlessly.
Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of a change to their account, or to request additional information. The notice you receive normally covers a very specific issue about your account or tax return. Each letter and notice offers specific instructions on what needs to be done to satisfy the inquiry.
However, the letters also have to advise you of your rights and other information required by law. Thus, these letters can become overly lengthy and sometimes difficult to understand. That is why it is important to either call our office immediately, or forward a copy of the letter or notice, so we can review and handle it accordingly.
Do not procrastinate or throw the letter in a drawer, hoping the issue will go away. Most of these letters are computer generated and, after a certain period of time, another letter will automatically be generated. As you might expect, each succeeding letter will become more aggressive and more difficult to deal with.
Most importantly, don’t automatically pay an amount the IRS is requesting, unless you are positive you owe it. Quite often, you will not owe what is requested, and it will be difficult to get your payment returned to you. It is good practice to have us review the notice prior to making any payment.
It is important to deal with any IRS correspondence promptly and correctly. Your Tax Consultant can handle these matters for you. Please call your Tax Consultant for assistance.
If you have questions, contact the Tax Experts at Henssler Financial: experts@henssler.com or 770-429-9166.
Disclosures
This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
