Clarification On Taxes: What To Do If You Receive An IRS Notice

There is nothing that can rattle a business owner’s cage more than seeing an envelope come from the IRS. But, the good news is that it doesn’t always have to spell trouble. If you get a letter from the IRS about your taxes or your payroll taxes, the steps you take to rectify it can make things go a lot smoother, whatever the issue may be. If you get a notice, it is essential to take these six steps to minimize any trouble.

DON’T PANIC
Even though it can be super difficult not to get worried, it is never a good idea to panic when you are notified. In most cases, a letter from the IRS is nothing to worry about. If you panic, it is only going to make the situation more stressful for you.

READ IT OVER THOROUGHLY
Typically, when you get a notice, it can be cleared up by just contacting them with a little information that they might be requesting. Make sure to read the notification carefully to fully understand what it is that they are asking from you. This way, you can get all the details and take care of the issue quickly.

GET OUT ALL OF YOUR INFORMATION
To make sure that you are answering correctly, you have to track down all of your tax returns from the previous five to seven years. You want to make sure that if you supply the IRS with the requested information, it is correct and truthful. If it doesn’t match up to what they have on file, that could send up a red flag.

CALL IF YOU HAVE ANY QUESTIONS
If you aren’t sure what the notice is about or what specifically the IRS is asking for, don’t be afraid to call. If you need clarification, there is a number on the notice where they will be more than happy to go over the letter in detail and explain to you precisely what it means and what you need to do. It is always better to ask for clarification than to guess.

KEEP RECORDS
Be sure to make copies of anything that you send to the IRS, even if it is their form that you filled out. Also, if you do call and talk to anyone, make sure to take notes about who you spoke with, when, and what they said. That way, you’ll have a record of the entire situation should there be a problem.

GET THE HELP OF A MILWAUKEE TAX SPECIALIST
If you are concerned about the issue, don’t have the information you require, or just feel like you are being asked for something mistakenly, then call a Milwaukee tax specialist to help sort through the details. When it comes to dealing with the IRS, it is always best to ensure you are doing things correctly to protect yourself.

If you get a notice from the IRS about your taxes or your payroll taxes, don’t panic. But, do make sure to address it immediately and properly to save yourself potential headaches and penalties. If you need the help of a Milwaukee tax specialist, contact Jetro Tax today!