What to Do When You Receive a Letter from the IRS
If you have any questions about avoiding an IRS audit or getting help if you’re about to have one, call a leading CPA firm in NYC Miller & Company with offices in NYC and Queens, NY.
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Tax season is finally over! You’ve dutifully turned in all your receipts to your personal NYC CPA on time, and you’ve received good news. Perhaps one of these scenarios is familiar:
- You don’t owe any money to the IRS.
- You owe an amount that’s considerably lower than you imagined.
All is well in the world and with your business. Then you receive a letter from the IRS. If you’re like many wealthy and successful business owners in Manhattan, you may feel a chill run up your spine before you even open the envelope.
It’s OK. If you were holding your breath, let it out and breathe normally. Slow your heart rate. The Internal Revenue Service itself recommends on its website that — in the event you receive an IRS letter — don’t panic!
Miller & Company, a leading tax accounting firm, offers many services to prevent an IRS audit and assist you in the event of one. Miller & Company LLP, NY Certified Public Accountants, a best rated NYC CPA firm.
You may receive a letter from the IRS for a number of reasons, not all of which mean dire consequences:
- They need more information
- A correction was made to your return
- You owe them money
- They owe you money
- They need a signature for a third-party authorization
- Your identity needs to be verified
- You’re being audited
Carefully read the letter to make sure you understand its contents. Most requests from the IRS are pretty basic. All you need to do is follow the directions contained in the letter and provide the required information. Very often, there’s a “respond by” date within the letter, and it’s best if you follow those directions to:
- Avoid mounting fees and penalties
- Leave yourself open for further appeals, if necessary
Who You Gonna Call?
No matter how simple their request, when you receive a letter from the IRS, you should contact your tax CPA to ensure you’re protected and reading the notice correctly. You don’t want to miss any important deadlines just because you misread a bureaucratic notice. Even if the directions are straightforward and clear, keep a copy of the letter and your response for your accountant’s records. The issue may be one that you can avoid in the future.
When you receive a letter from the IRS that includes findings with which you disagree, contact your tax CPA immediately. The expert CPAs at Miller & Company can provide you with copies of the documents you need to prove your case or handle the request directly. The most important thing to remember is to meet deadlines at this juncture. Once you’ve submitted your dispute, the IRS then has 30 days to respond.
The Dreaded Audit
You must receive a letter from the IRS if you’re going to be audited — they won’t contact you by any other means. This also requires an immediate call to your CPA, who most likely can put your mind at ease. Audits usually are selected at random based on statistical models. Audits also are common when your business partner or investors are being audited.
No matter why you were chosen, your personal business accountant at Miller & Company can often handle it without your involvement. You can go about taking care of your business and your personal wealth, knowing that you’ve chosen an accountancy firm that firmly has your back — in all situations.
Do you have any questions about services we offer including IRS Audit in NYC and Long Island? Would you like to receive a personal IRS Audit consultation customized to your specific needs? To schedule an appointment with a nationally recognized, leading accountant, Paul Miller of Miller & Company LLP firm, please contact our Queens or NYC tax accountants for a FREE CPA consultation.