If you are the subject of a tax audit and have recently received a letter from the Internal Revenue Service (IRS), you may likely respond like most Americans, with some element of fear and dread.
The fact is, the audit rate is fairly low (around 1%) if you make below $200,000 a year, but for those Americans who are the subject to an audit, the stress can be very high and you may have questions about what immediate steps you should take to respond. While getting a letter from the IRS is never what you want to find in your mailbox, it does not have to spell disaster.
Here are 5 steps to follow if you have received written correspondence from the IRS:
Do not panic: In the vast majority of audits, the IRS has a simple question about an aspect of your tax return. Remember that audits take a lot of resources for the IRS to complete, so it is in their best interest to keep the process and the outcome as simple as possible. In the majority of cases, information needs to be provided and verified. Once you send in the information (or money), the audit is complete. A correspondence audit is the more common type of audit and can be handled entirely in writing.
Verify the audit is real: The IRS will not call you or email you to inform you of an audit, this information will only come in writing, in the mail. The IRS will also not ask you to provide personal information and will not demand that you pay in a certain way. Be on the lookout for fraudulent correspondence claiming that they are the IRS.
Carefully read, review, and respond to the letter: Most audits can be resolved fairly easily as noted above, but the key is to respond as directed by the IRS in a timely manner. Ignoring the request will not make it go away. If you do not understand what is being asked of you, seek the help of a professional tax service or attorney to give you advice about how best to respond.
Solid Rock Realty Advisors, LLC specializes in helping families who are selling their farm or ranch use the 1031 exchange to defer tax on the sale of their land and purchase secure income-producing real estate investments without management duties.
Occurred on July 20, 2017 / Anna, Texas, USA
Info from Licensor: "I was doing the dishes and in an attempt to save my 1-year-old from falling off the dishwasher he continued to climb into, I asked my husband to come get him. He came into the kitchen to grab him from me and the rest was history. My three-year-old that he fell over still apologizes. Luckily, everyone is completely fine and has lived to see another day."
Guy Runs on Top of Train
Occurred on July 13, 2017 / San Antonio, Texas, USA
Info from Licensor: "I was at Alamo Beer Company and a guy jumped from the Hayes Bridge onto a moving train. He ran and jumped from cart to cart, losing his shoes. On one cart he jumped and slipped in between but caught his fall and pulled himself back up on the cart. Eventually jumping off the train on to the ground before the train took him too far."
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Many taxpayers are under the assumption that if they file for bankruptcy, this will clear them of every single debt they owe.
That’s not exactly true.
Now when you file for bankruptcy, it does temporarily stop the Internal Revenue Service (IRS) from collecting any tax debts. How long they stay away actually depends on what type of tax debt you have and which chapter of bankruptcy you’re filing for. All of this will have a direct affect on how your tax debt situation is handled.
No One Said Bankruptcy Would Be Easy
When it comes to tax matters, there’s really no easy way of explaining how things will work because each case is dealt with on an individual basis according to the taxpayer’s financial situation. That’s why it’s recommended to get some professional assistance in these matters because, let’s be honest, if you knew how the tax debt system actually worked, chances are you wouldn’t be in the situation you’re currently in. On the other hand, there are some professionals who may know exactly how everything works and still find themselves in a mess of debt due to sheer neglect.
LET OUR EXPERIENCE AND EXPERTISE WORK FOR YOU!
Advance Tax Relief, a tax relief firm with two offices in Houston, Texas and Los Angeles, California, has been in the business of helping people out of the tax debt for over 25 years.
Throughout this time, we have come across a wide range of tax debt cases that have given us the experience and expertise to alleviate any tax issues that you have big or small.
ADVANCE TAX RELIEF
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K-state fans rush the field after beating Texas 45-42
Dallas Texas Tour - Downtown, Book Depository, Reunion Tower, Dealy Plaza, Old Court House, Medieval Times
Walker Texas Ranger kickin some ass
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POV of The Texas Cyclone Roller Coaster at Six Flags Astroworld, Houston, TX. A mirror image of the Coney Island Cyclone but about 3 times larger. Shot on the last day of Astroworld. The park has closed its doors forever and has now been reduced to an empty field. Rated as one of the best coasters in the world when it opened in the 1970's. Still my favorite wodden roller caster.
November 2006 (Medialink) - Production of the all-new Tundra full-size truck is starting at Toyota's San Antonio, Texas plant. Toyota is celebrating line-off of the first truck after years of construction and development of the company's 13th manufacturing plant in North America.
Toyota Motor Manufacturing, Texas has hired more than 1,700 of the 2,000 people the plant will employ. Annual vehicle capacity will reach 200,000 units. Around the plant, 21 suppliers have set up operations, bringing 2,100 additional jobs to the area. By 2008, Toyota's annual North American production capacity is expected to reach 2 million cars and trucks.
The next-generation Tundra is an important product for Toyota in the competitive full-size truck segment. Tundra rolls into dealer showrooms nationwide in February.
Produced for Toyota
Point of View Texas Cyclone Roller Coaster at Six Flags Astroworld in Houston, TX. This was shot one day before the park closed its doors forever. Mirror image of the Coney Island cyclone but much bigger. Was one of the top roller coasters of the world when it opened in the 70's. sixflagshouston****. Click on my name to see other great POV coaster videos.