The IRS has ramped up its enforcement efforts, and this means more letters and notices are being sent out to taxpayers. These communications may relate to a variety of matters, such as: unreported income, missing or incomplete tax filings, outstanding balances, verification requests, etc.
The increase in IRS activity could mean you might receive one or more notices in the near future, even if you have always filed and paid your taxes properly. It is important to be proactive and take any IRS communication seriously:
- Do Not Ignore IRS Notices: Even if you believe the notice is a mistake, ignoring it can lead to serious consequences, including penalties, interest, and/or additional enforcement actions.
- Respond Promptly: If you receive a notice, be sure to review it carefully and respond within the timeframe specified. Often, the issue can be resolved quickly if addressed early.
- Stay Organized: Keep records of your tax filings, payments, and any communications you’ve received from the IRS to help resolve any potential issues.
At Medzam Consulting, we understand what this means and represents for taxpayers, especially at a time when uncertainty and change are part of our everyday lives. However, we encourage you not to respond out of fear or lack of awareness. Our team is here to assist you with these processes which we know require knowledge, expertise, and time.
If you would like to learn more about the what to do if you receive a notice from the IRS, click here.