Tax filing is a task, most of us put off until the last moment. This is where we need to change our perspective and take this up as a top priority. Even if you file your taxes on time, there are chances that you might get a penalty notice from the IRS.
Identifying the Tax Issues
Notices can be of different types showcasing different IRS tax problems. Notices can be issued for a variety of reasons listed below:
- Outstanding tax amount to the IRS
- Your tax amount does not match the documents submitted
- You become a victim of tax identity theft
- You failed to file your returns on time
- During audits, there was some discrepancy in your returns
Trying to tackle any of the above issues on your own can leave you stressed out. In such situations, you can hire tax settlement firms to give you better resolutions. Bear in mind that if you are issued with any notice from the IRS, it might take months to resolve.
Swallowing the Bitter Pill
It is always better to swallow the bitter pill and find a resolution quickly. Putting it off or ignoring the IRS notice will not serve you any purpose. Hire professionals and try to understand the reason you have landed in this situation. This can help you to rectify and avoid landing in tax problems in the future.
Work out a resolution to resolving the tax problems. There might be a workaround available that can help you get an extension if you are not able to make the payment on time. If need be, your tax professional can also help in applying for an Offer to Compromise with the IRS.
Do not give up. Ensure that you get to the bottom of the crisis and resolve it, whether it is in your favor or not.
Panicking when you get the notice from the IRS is not a good choice. You need to be calm and patient to figure out the best way to resolve the situation.