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Picking up the mail each day should not be hazardous to your health. That being said, there are a few letters you can receive which can raise your blood pressure. Getting one from the IRS that does not contain forms is surely the stuff of the end of the world. Thick letters from the IRS are pretty much the norm. This is particularly true if you own a business. The thick letters are full of forms. Ah, but what about a thin letter from the agency? This is typically nothing but bad news. A thin letter from the IRS usually contains something known as a notice statement. A notice statement is issued for one reason only. The reason is the IRS has determined there is something fishy with your taxes. Okay, now you can panic. While panic may be the first thing on you mind, once in a blue moon the message in the thin envelope can be good news. Once in a blue moon, the agency will let you know that too much was paid in. Once in a very rare blue moon. Audit. It is a word that can make a grown man or women weep like a small child. Well, most of these letters are notices of audits. Sorry. Ah, but the audit will rarely be the type of horrific experience you have heard of from someone who knew someone. A vast majority of the time, the notice will be for what is known as a correspondence audit. This means the IRS is contesting something about your taxes, but is willing to give you the opportunity to deal with it by mail. That means no grilling by an agent. With this type of inspection, the IRS tells you point blank what it is having a problem with in regard to your taxes. The agency will usually suggest a way it can be resolved and any impact on what you owe. There is no person to person interaction. You can respond to the correspondence audit in a couple of ways. First, read it to see the options offered. Typically, you can accept the proposed changes by doing nothing. If don’t agree with them, you can respond in writing as to why. Most of the proposed changes from the agency are deemed acceptable by taxpayers and the just accept them. If you fall into this category, you can end the audit by doing with the agency asks. If you don’t, you can fight the IRS with all that entails. The IRS issues millions of notices to taxpayers each year. A huge percentage are resolved without blowing up into a bigger audit. If yours does, make sure to get professional help. Tax attorneys offer the best prospect of getting the IRS to back off.
Article Source: http://www.philvault.com
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