If you’ve received a notice from the IRS it is critical for to address the letter quickly. Failing to handle the issue will likely cause additional problems in if the letter goes unnoticed and the problem persists. Overtime, this persistence can leave taxpayers susceptible to additional interest fee’s, added expenses and invasive audits that could have been avoided with speedy intervention.
To help ensure you’re prepared for a notice, the most important steps taxpayers should take are highlighted below.
Address it Quickly
It is important that taxpayers address the notice as soon they receive it. Waiting to address the issues mentioned in the letter can result in added expenses if there is a balance owing in your name. Plus, this balance will only continue to grow interest until it is paid off in full.
It is also recommended that taxpayer act quickly when they receive a notice as a way to prevent delays and additional confusion. Almost all notices from the IRS include information that explains how the individual can respond to the letter to avoid a penalty.
Speak with a Professional for Advice
If you received a notice from the IRS it may be beneficial to visit a professional for financial advice. Taking the time to speak with a trained advisor will help to give you an accurate assessment of the notice and its impact on your state.
While speaking the accountant will be able to analyse your financial accounts to ensure the accuracy of the notice’s statement and the best option for handling the letter.
Confirm its Credibility
Another step that taxpayers should take when they receive a notice from the IRS is to check if it’s a credible letter. This is an important step given the high number of fraudulent letters that are sent to defraud an individual out of the money.
If you’ve received a letter and are unsure about its credibility it’s recommended to take it to a financial institution or a bank who will be able to check the document and confirm it’s not a scam.
Follow all Instructions Carefully
Once the credibility of the letter is determined to be true, it is critical that all taxpayers follow the instructions that are mentioned in the notice. It is important to follow these steps because it will help ensure the issue is dealt with efficiently. Failing to follow the instructions mentioned in the notice can result in errors or mistakes when trying to correct the issue.
However, these consequences can be avoided by carefully reading the instructions outlined in the notice and requesting the assistance of a financial advisor if clarification is needed.
Keep a Copy of the Notice
It is also recommended that tax person who receive a mailed notice from the IRS keep a detailed copy of the document. This can be done by creating a scanned version or and a digital image to help prevent it from being misplaced.
Maintaining a copy of the notice is important because the IRS may require proof of previous transactions in the future. Without a saved document, individuals may not have record of the notice which can result in complications if they cannot provide proof.
If you receive a notice from the IRS in the mail, it is critical to address it quickly. Otherwise, taxpayers are at an increased risk of having to pay additional fines and interest for delaying the issue. Rather than struggle to handle a notice on your own consider speaking with one of our dedications professionals who will be able to assess the letter and assist with your case.
