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Financial Website Directory Ireland

IRS Problem Solving - A Better Understanding of Your Notice From the IRS and What To Do About It

Author: Blayne Penton
Category: Tax Preparation
Date Added: August 02, 2011 09:30:53 PM
Page Views: 2078

Before you get that sinking feeling in the pit of your stomach after getting a notice or letter from the IRS, let's do some IRS problem solving about the 75 different letters and notices that you could get from the IRS. Perhaps It is an outline for Changes to a Tax Return, Overpayment (Notice number CP12)or a Reminder Notice letter ( Letter 3228(LT39). The important thing to remember is to stay calm.

The IRS description of the letter they are sending is very clear and commonly they send notices or letters if...

*There are additional payments needed on your tax return due to an omission or error

*There if should have received more in your refund because of an error

*More information is needed by the IRS about your tax return

Let's IRS problem solve and find out how to know what the letter is about.

Every letter or notice that leaves the IRS office has a number attached to it to help the IRS employees keep track of the correspondence. There is a Computer Paragraph designation that is usually located at the top or sometimes the front page of the notice.

The notice or letter you receive will have detailed instructions for completing your tax return. There will be something you will need to do for each letter or notice from the IRS. Examine in contrast the information for any discrepancies from the letter you received to what you had originally sent regarding the same time period.

As mentioned earlier, there are 75 different types of letters for IRS problem solving. The following are some of the more common letters sent from the IRS:

Delinquent Return Refund Hold - CP 88

This is to let the taxpayer know that the IRS is keeping a refund due to unfiled tax returns from a different year.

Balance Due-Reminder Notice - CP501

A notice for an overdue account; the first letter sent out by the IRS

Second request Notice balance Due - CP503

You will receive this notice if you have ignored the first and still owe money on your account

Last Notice that the IRS Intends to Levy for money owed - CP504

This would be the third and final notice if you still have a balance due and the IRS will start the process to levy

Final notice before the IRS will levy Social Security Benefits - CP 90/CP 298

This letter from the IRS is to notify you that a levy will be put on salaries, bank accounts, real estate, cars, retirement benefits and other assets.

Notice of Levy and Notice of Right to a Hearing - CP 297A

This letter will identify that in fact a levy has been placed against found assets.

If you happen to receive any notice or letter from the IRS and feel you need some guidance, contact a professional IRS tax relief attorney for help in IRS problem solving.

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