You open your mailbox and see a letter from the IRS! Now what do you do?
First thing to do is to NOT WORRY. At Stern & Associates, we understand how a letter from the IRS – out of the blue – can be intimidating and nerve-wracking. We deal with a wide range of people in various stages of IRS Collections, and we know exactly how to handle each case with care and efficiency.
Here are a couple of reminders to consider if you get a letter from the IRS:
1. OPEN THE LETTER FROM THE IRS!
One of the biggest mistakes we see people make when dealing with the IRS is that they never open the letters! When they come into our office, they hand us a large pile of unopened letters and then wonder why they don’t know what’s going on or don’t understand why the IRS is constantly sending more and more letters. Open the letter! Read it carefully. The letter contains important information pertaining to your returns…it includes details on your taxes, what are due, what the interest is, and what penalties might have been assessed.
If this is your first letter, breathe easy knowing that the IRS is not taking any legal action but simply “reminding” you of your tax obligations. They have given you an amount they think is owed along with a due date for that amount. Check your own records and try to confirm the amount owed. If you do owe it, PAY IT IN FULL if you can to try and avoid any additional penalties and interest.
2. RESPOND TO THE IRS
Never ignore a letter from the IRS…period. First, as mentioned above, if you ignore the letter or don’t respond / pay what you owe, you could be assessed additional penalties and interest. In addition, timely response to the IRS and cooperation with their departments will only help you…and save you money!
Very important! Never lie to the IRS! Don’t falsify information on your return. Don’t say you never received any money that you did or deduct costs you never paid. There are some pretty smart folks over there, and falsifying information will only get you into more trouble. Every document you file, every claim you make can hold you liable. Proper Tax Representation from seasoned Tax Professionals will help protect you from these mistakes.
3. GET REPRESENTATION
If you received a letter and don’t understand what it says or need help figuring if the IRS assessment is correct, CONTACT US. If the IRS is already coming after you, CONTACT US. This is what we do. We will help you every step of the way, making sure you are taking advantage of every opportunity you can along the way.