Uh oh…You’ve just received a letter from the IRS. It might be too intimidating to open, but don’t panic! Take each of the steps below (along with a deep breath) before you begin to worry.
Most importantly…read it carefully!
For the most part, these letters are about federal tax returns or accounts. Oftentimes the letter will include specific instructions for you to follow regarding what it addresses. Be sure to follow the instructions in a timely manner to avoid penalties.
Review, review, review
In the case the letter is about a correction to a tax return, be sure to compare it to the original return information. If you agree, make notes on your own personal copy to keep it for your records. Only take action with the IRS if you disagree with the information. If this does occur, mail a letter to the IRS that explains the dispute. Be sure to include documents and information for evidence.
Only reply if you’re supposed to
The letter will tell you if you are required to respond. In most cases there is no need to call the IRS. However, if you find yourself in a situation where a phone call is necessary, refer to the number in the upper right-hand corner of the letter.
Don’t toss it!
You might be tempted to throw away the notice, especially if it caused you a headache, but it is incredibly important to keep it for your records. Even if it is a simple adjustment notice, be sure to file it along with all of your other tax information.
P.S. Watch for scams!
The IRS will never contact you via a text message or through social media. If you have been receiving text messages that are supposedly from the IRS, do not respond! You could put yourself at risk of being scammed.
Still not sure how to handle the IRS? No problem, give Ryder & Company a call today! We are prepared to help with whatever tax disputes or other concerns you may have.
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