Don’t panic – but don’t ignore notices from the IRS

This is the time of year when the IRS begins mailing notices to taxpayers about their recently filed returns. These notices are sent for a variety of reasons – not just for collections. Many times, these letters will be to advise the taxpayer that there was something incorrect with the tax return or if more information is needed. The IRS will also send a notice if it changes the taxpayer’s return.

If you do receive any correspondence from the IRS, do not ignore the notice or assume it is junk mail. Be sure to open it, read it carefully and contact your tax manager immediately. Our advisors here at Antares Group can walk you through the notice and take the necessary steps to respond appropriately.

For instance, if the IRS sends you a notice reflecting changes to your return, your tax manager can compare the information in the IRS notice to the information on the filed return. If you and your advisor agree with the changes, there would be no need to contact the IRS.

On the other hand, if the notice requires a response, this should be done promptly to avoid delays in processing your tax return, to minimize any additional interest and penalties, or to preserve your right to appeal any changes to which you disagree. Again, this is why it is important to reach out to your advisor here at Antares Group as soon as you receive any correspondence from the IRS. We will maintain a copy of that letter in your file and you, too, should retain the notice for your personal records.

Our team is here to support you. If you should have any questions or receive correspondence from the IRS or any tax collecting agency, please contact us immediately.

Kristy Gailey is a Tax Manager with Antares Group, Inc. She can be reached at kgailey@antarescpas.com.

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