Are You In Trouble With the IRS?
Audio version available here:
Length: approx. 1 min. 20 sec.
Many taxpayers may receive a letter from the IRS in the mail at some point. Fortunately, an IRS letter does not automatically mean you are being audited and facing a penalty.
Rather, the recent influx of letters are the result of the $80 billion allocated to the IRS to revamp its efforts to close the $7 trillion tax gap largely enabled by high-income taxpayers evading their tax obligation. Despite this, most letters are not notices of formal audits and penalties, so if you receive a letter, do not panic. Many simply are requests for clarification or slight changes to your tax return, making it vital to read the letter carefully to determine what the IRS is asking of you. You may need to respond promptly if changes are being requested of your tax return, or if you disagree with IRS’s request, a written explanation of why.
Most importantly, do not ignore the letter. Doing so can trigger an investigation, especially if it is in regards to irregularities on your tax return that could be perceived as evasion or fraud. Also, be careful to not fall for scammers taking advantage of the public’s fear of the IRS. The IRS will only ever send you a letter through the USPS, never as a phone call, text, or email.
Have you received an IRS letter recently? Are you nervous, confused, and concerned about it? Do not worry, our team of tax professionals at XQ CPA can help you understand the letter’s intent and guide you on the course of action you need to take. Click or call today to make an appointment. We would love to help you.
Phone: 832-295-3353
Online Booking: https://xqcpa-bookme.acuityscheduling.com/schedule.php
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