If you get a notice from the IRS remain calm.

With so much going on in the world right now, the last thing you’d want is a notice from the IRS popping up at your door. Getting a notice can be extremely stressful. And, for some, financially devastating.

However, there are a few simple things you can do if this happens. Keep reading below for some of these.

Remain Calm

The first reaction that most of us have when we receive a notice from the IRS is to panic. Of course, this letter can be stress-inducing. However, stressing over the letter will not fix the situation. Nor will it make it go away.

Therefore, it’s in your best interest to remain as cool and collected as possible. Oftentimes, notices can be sent to correct personal information and easy-to-fix errors. So, if you open the mailbox and see the tell-tale sign of an IRS notice, remain calm.

Verify the Sender

Another important step to take when you receive a letter from the IRS is to verify it is actually from them. It’s sad to say but there are tons of scams out there. And, some of these scams are from people pretending to be the IRS.

So, before you go sending any money or providing any personal details verify the sender. And, keep in mind that the IRS will never issue contact vis social media or text message.

Rather, contact will always be initiated by a letter in the mail. To verify you owe money, check your account at IRS.gov. And, if the letter is asking for updated/corrected information. Be sure to review the original filing to compare and make sure it needs to be updated.

React Quickly

The IRS does not like to be ignored! And, you can be penalized heavily for it. That’s why it’s important to react as quickly as possible when you receive a notice. Keep in mind that there is typically no need for you to contact the IRS. So, don’t waste your time on busy phone lines trying to get in touch with them.

Instead, you should read through the notice carefully to see what they are asking for.

If it is something as simple as proving additional documents, information changes or updates, then work on gathering the details and submitting it right away.

If it is money that you owe, begin the process of organizing payments and verifying the amount they claim you owe. If you do not have the funds to pay immediately (and you’ve confirmed you owe the amount) consider requesting installments.

But, ignoring the letter is not an option. Thinking you can get away from the IRS will only result in expensive fines and more stress.

Gather Documents

Although tedious and boring, the final thing that you will need to do when you receive notice is to gather all your documents. This means you should head back and get a copy of your original filing.

Another great tip is to gather every tax slip, account information, and personal identification number to streamline the process. This will make it much easier because you can quickly grab, compare and identify issues.

Plus, if you are working with a financial professional you can quickly hand-off all of this information so they can review it on your behalf.

Speak with a Professional

Getting a notice from the IRS is overwhelming. But, this process can be much simpler with the help of a financial professional. Professionals such as accountants, lawyers, and financial planners are all great resources to check in with during this hard time.

Just like us here at A.P Tax & Accounting, we have years’ worth of experience filing and handling issues with the IRS. Professionals also work with you to determine the validity of the letter and its claims.

Rather than having to deal with the issue on your own, we’re always ready to walk you through it. In turn, making the process much easier. And, less stressful in the long-run.

Ultimately, getting a notice from the IRS is scary. Even more so given how stressful and uncertain these times are. If you would like to speak to a professional about options available for you. Please get in touch with a member of our staff today.

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