Adam L. Kroft, CPA is a Manager in the Tax Services Group. His practice areas include tax return preparation and planning for individuals, partnerships and corporations. His clients include manufacturing and retail distribution, physicians and medical practices, and various other industries. Contact Adam at 315.701.6340 or [email protected].
Receiving a letter from the IRS might make your heart skip a beat, but it’s important not to panic. While the sight of that official envelope can be unsettling, the first thing to remember is that not all IRS notices are bad news. Sometimes, the IRS simply has a question about your tax return, or they need to inform you of a change to your account. In some cases, the letter may request an additional payment. Regardless of the reason, ignoring it is never a good idea. Instead, take a deep breath and read the letter carefully as soon as possible.
The majority of IRS communications are tied to specific issues with your account, and responding promptly can often prevent additional penalties or interest from accruing. If the notice is unclear or you’re unsure how to respond, don’t hesitate to reach out to us. We can help you understand the letter and determine the best course of action.
If the letter indicates that you owe more in taxes and you’re worried about your ability to pay, rest assured that there are several options available to help manage the situation. The IRS offers various payment plans, and in some cases, you may even be eligible for an offer in compromise, which could reduce the total amount owed. We can assist you in exploring these options to find the one that best fits your circumstances.
It’s important to note that you should only reply to the IRS if the letter specifically instructs you to do so. Many notices do not require a response, but if you disagree with the IRS’s findings, the letter will typically provide guidance on how to contest the issue. Whether you need to provide additional information, request a payment plan, or file an appeal, the letter will outline the necessary steps.
In summary, receiving an IRS letter isn’t the end of the world, but it is something that requires your immediate attention. Acting quickly can help resolve any issues efficiently and minimize any potential financial impact. If you’re unsure of how to proceed, or if you have any questions, contact us right away. We’re here to help you navigate the situation and ensure that you respond appropriately.
ABOUT GROSSMAN ST. AMOUR CPAs PLLC
As a leading certified public accounting firm located in central New York for 67 years, Grossman St. Amour CPAs PLLC is focused on the quality service standards that are highly regarded in the accounting profession. The accounting firm provides businesses and individuals with accounting, audit, taxation, business planning and valuation, financial planning, fraud examination and deterrence, and peer review services. For more information about how Grossman St. Amour CPAs PLLC can be of service to you, contact [email protected], or call 315.424.1120.
