Problems With The IRS? Here Are A Few Ways To Resolve Disputes
No one ever thinks about getting into trouble with the IRS. Unfortunately, they may reach out at any time of the year if they suspect something. If you’re in this situation, we understand how frustrating and overwhelming it might be. But with the right strategies, you can manage this issue and find a resolution that doesn’t put your business at risk.
Understand What The Issue Is
Start by reviewing the IRS’s notice and identifying whether you have a late payment, an income or expense discrepancy, or a request to audit your accounts. From there, don’t waste time and respond immediately. Waiting a long time or not responding at all can quickly escalate a minor issue into something much bigger if you’re not careful.
Explore Resolution Options
The IRS can be notoriously strict, especially during an audit. However, they may be willing to negotiate. Depending on your financial situation, you can amend your return to correct errors, set up installments to pay off unpaid balances, or request a penalty abatement if you have an extenuating circumstance that caused you to miss the deadline. In extreme cases, you could also file a formal appeal to challenge the IRS’s decision.
Speak To A CPA Or Tax Specialist
Each tax scenario is unique, so having a professional accountant or tax specialist could be the best option. Our accountants at JTS Associates are familiar with state and federal tax laws. We can help you deal with the IRS, organize documents, and ensure the best possible outcome. Contact us at 516-877-5900 to schedule an initial consultation with one of our tax professionals today.
