Whether you are an individual taxpayer, are self-employed, or own a business that staffs employees, avoiding IRS issues begins with properly responding to any IRS collection notices you receive. Lagging in your response or simply ignoring the IRS all together guarantees trouble, especially when there are options available to you to help you settle your tax responsibilities.
Response Time Can Cost or Save You Money
Despite our best efforts, sometimes paying the amount we owe after we have filed our taxes is difficult. If you have received a collection notice of some kind, you either owe money, have a refund due to you, or the IRS requires more information from you regarding your return. Whatever the reason for your notice, it is important to respond to the IRS promptly to avoid any potential delays or problems with your return, which can result in costly fines and penalties. The general rule of thumb is this: The longer you wait to respond when the IRS contacts you, the more likely you will experience financial consequences. Do yourself a favor and avoid unnecessary fines, fees, or interest, and respond to the notice right away.