If you receive letter 3572 from the IRS, it means that the federal income return for the year shown on the notice has been selected for further examination. I know it’s not the news you were probably hoping for but don’t panic. You will get through it. Here’s what you should know and how to […]
If you have recently undergone an audit with the IRS, you will receive an examination report in the mail (Letter 525). This report will share the proposed changes to your tax return which may include additional tax and penalties. If you are wondering what to do next, here’s some guidance on how to respond to […]
Did you receive IRS letter 2205 from the IRS stating that you’ve been selected for an examination (i.e. audit)? Don’t worry, while it can be stressful to have the IRS audit your return, you are not in trouble. You just need to clarify your situation. The most important thing is to read the IRS notices […]
Once you file your taxes, you can breathe a sigh of relief. The big task is done for the year. However, your taxes aren’t safe from further assessments until three years after you file them. You may receive a notice which requires you to dig back in. One such notice is for underreported income (CP-2000). […]
34,000 The number of audits that still resulted in a refund in 2018. The IRS audited 0.5% of all tax returns filed in Fiscal Year (FY) 2017 which amount to about 1.1 million audits. While receiving an IRS audit letter is enough to give you a lump in your throat, it’s not always a bad […]
An IRS 90-Day Letter (CP3219N) is a notice of deficiency. What it means is that the IRS did not receive your tax return, so it calculated your tax, interest, and penalties for you. The IRS bases their calculation on information reported by your employer(s), financial institutions, etc. When you receive the letter, you have 90 […]
Offshore wealth is big business. According to a 2018 report by the Boston Consulting Group, there was $8.2 trillion in offshore wealth. Other reports have the total offshore wealth at $32 trillion (source). It is perfectly okay to have money in an offshore bank. The problem arises when you do not report it to Uncle Sam. If […]
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