Have you received an IRS notice in the mail? Not what you want to see in the mailbox when you trot down to get your mail. Unfortunately your odds are high because IRS notices have increased 670% over the past 10 years ago. Last year the IRS issued 201 million notices to taxpayers. See this blog post by Cordasco and Company called IRS Notice Frenzy! Many of these IRS notices are routine letters showing that you missed reporting an item on your return such as a 1099 or interest or dividend income. These are fairly easy to resolve. A small percent are letters notifying you of an IRS audit or are a request for documentation for a specific item on your return.
Below are recommendations from the IRS on how to handle these notices:
Please contact your tax professional if you receive an IRS Notice. We can see if the IRS adjustment is correct or if the item was reported on your return but was not clearly picked up by the IRS computers. It is very possible that you don’t owe the entire amount due on the IRS notice, we want to help you to pay the correct amount of tax and not too much. Happy Summer!
When it comes to personal or business accounting services and tax preparation there’s nothing that brings more peace of mind and confidence, and nothing that helps you focus on the big picture, than knowing that your bottom line is on target and on time.
Working with a certified public accountant (CPA) who takes the time to understand the way you live your life and run your business, and invests in educating you so you can make informed decisions, will ensure that your bottom line is not only on target and on time but that it moves you along the road to your success and your goals.
That’s exactly how Sherwood Tax & Accounting approaches every client relationship. Sherwood Tax & Accounting understands that your dreams and goals are unique and that a pre-programmed, one-size-fits-all approach won’t provide the best outcome for you.
When you work with Sherwood Tax & Accounting, you’ll experience something very different. You’ll be working with a partner who goes well beyond simply crunching numbers and filing returns. Sherwood Tax & Accounting will provide you with a clear picture of your financial position and the knowledge you need to make decisions that will move you toward your goals.