Tuesday, June 28, 2011

Frequently Asked Tax Questions

THE IRS NOTICE I RECEIVED CLAIMS THAT I HAVE AN UNDER REPORTED INCOME!

- Is it right?
- In writing, claim it was wrong, request the penalties be removed — See more on Penalty Removal.
- Get issuer of W-2, 1099, K-1 to change the incorrect 3rd party documents.
- Call IRS and get a month for you to send in the corrected documents.

I’M SCARED OF THE IRS!

- Many people are scared, but don’t let the IRS push you around!.

I RECEIVED A NOTICE DEMANDING PAYMENT!

- Was the notice a 1058(D.O.), CP501-CP504, etc.?
- Follow rules for payment plans!

I DON’T HAVE THE RECEIPTS TO PROVE MY DEDUCTIONS!

- If you are being audited then this could be a problem

MY BUSINESS DEDUCTIONS WERE DISALLOWED BECAUSE THE IRS SAYS MY BUSINESS IS A “HOBBY”!

- The “hobby loss” rules can be interpreted by the IRS to favor them.
- You may need quality audit representation

I DISAGREE WITH THE AUDIT RESULTS AND THE AUDITOR WANTS ME TO SIGN THE REPORT AND PAY!

- If you disagree you could ask to speak to the manager.
- You could file an appeal.
- Take actions to preserve your right to file a court petition

APPEALS DID NOT HELP ME WITH MY AUDIT!

- You can file a tax court petition — See more on Tax Court Petition.

MY TIME TO SUBMIT AN AUDIT APPEAL AND COURT PETITION HAS EXPIRED!

- Request audit reconsideration from the chief of exam.
- Ask auditor for help
- Write the tax payer advocate

I PAID TAXES THAT I DIDN’T OWE BECAUSE I WAS SCARED!

- File a Claim for Refund

IRS IS THREATENING A WAGE LEVY AND BANK LEVY!

- You need to be in compliance with tax return filing.
- See wage levy and bank levy pages — See more information on Wage and Bank Levies.

No comments:

Post a Comment