IRS issues are very disturbing. Many people feel panicked because they never know where to start to tackle these problems. However, there are a few things that they can do that will help them take on their tax issues in a permanent way.
The worst thing that people can do is let their IRS problems sit unresolved. Usually, when the IRS sends out a notice, recipients have up until a certain date to settle it. If that date passes and the issue still hasn’t been discussed with the federal agency, then the individual is guaranteed to face fines in addition to the money that they already reportedly owe.
If you received a notice from the IRS and don’t know what to, follow these steps to take on your IRS tax problems.
First, read the notice a couple of times because it’s generally hard to perfectly understand. Make sure that you take notes regarding the tax year that is referred to on the notice, the specific issue in dispute, and the amount to be paid.
Second, analyze and compare the information written on the notice with the one on the tax return that you sent for that particular year.
Third, call the IRS officer whose contact information is listed on the notice in order to have some advice on how to proceed. Make sure that you write down the agent number as well as any other details pertaining to the conversation.
After that, you ought to get in touch with a certified public accountant to discuss about the IRS notice and see whether they can represent you on this matter. When headed to the meeting with the CPA, gather and bring all the documentation that is related to the case brought by the Internal Revenue Service. For instance, if the IRS notice states that you took money from your 401K and that this ought to be counted as income, you must provide your CPA with forms that show that you rolled over into a new 401K in a tax-free transaction.
Regardless of the issue that you have with the IRS, try to apply the steps listed above and you should be able to solve it easily.