The IRS sends out Audit Letter 915 to taxpayers who have been audited by the agency recently. What is Audit Letter 915? Do you have to do anything after you receive it? How can you reduce the risk of receiving the audit form in the first place?
Each year, the IRS audits many taxpayers. These individuals always receive a written notice from the IRS explaining their selection for the audit. Does the IRS send out audit letters at a specific time of year? Is there anything you can do to prepare for an upcoming audit? How long does the IRS have to audit you?
Have you recently completed an IRS audit? If so, you're probably relieved that the audit process is over. However, you can still expect to receive notices from the IRS regarding your case. One of these notices may be Audit Letter 692. What is Audit Letter 692? What does it explain? What should you do after you receive a copy of this notice in the mail?
technology has made it easier than ever to store tax records securely. The key is understanding what your tax record storage options are and which ones are the best for your particular situation. With some storage options, you'll be able to keep your information protected, even if your home or computer suffers serious damage.
Do you think that you might owe additional taxes to the IRS? Have you wondered about how you can settle a back tax debt? Well, in some cases, it may actually be a good idea to call the IRS and inquire about your situation. Here are a few tips for contacting the IRS and settling your tax bill.
When taxpayers are selected for an IRS tax audit, they may have many common IRS audit questions and their biggest fear may be finding out that they owe additional income tax. For those who do, the agency may send a copy of Audit Letter 531 in the mail.
What is Audit Letter 531? What can you do if you receive Audit Letter 531? Do you have any recourse if you believe that your audit process has been completed incorrectly?
Why Does the IRS Send Audit Letter 531?
The IRS sends Audit Letter 531 as a notice of deficiency. This means that the IRS has completed your audit review and has decided that you owe additional federal income tax. Unlike Audit Letter 525 which may be used for an increased refund or an increased balance due, Audit Letter 531 is only sent out when the agency has decided that you owe more tax.
If you are unsure as to why you have received this letter, you should speak with a qualified tax expert who can review your account and explain the agency's findings to you.
What is on Audit Letter 531?
While the exact numbers and data will differ for each taxpayer, the basic information on Audit Letter 531 is normally the same. Be sure to look for the information that is most pertinent to your case, such as the dates of the tax year for which the return applies, the exact amount of the deficiency (additional tax owed), and the amount of any penalties that have accrued on the account.
Towards the bottom of the first page, you'll also find a short summary of the appeals process, which can help you understand how to request a hearing regarding your ruling. The IRS also lists a contact address you can use to request additional information by mail.
Can You Appeal an IRS Notice of Deficiency?
Just the thought of an IRS tax audit can make some taxpayers shake in their boots. In the past, the IRS conducted far more audits that it currently does. However, some people are still worried about the prospect of a "random audit". What are the actual odds of getting audited by the IRS?
Getting laid off from your job can be an extremely difficult thing to deal with. But finding out that you may have to deal with an unexpected tax bill can make it worse. Here are a few pointers about layoffs and taxes you'll want to keep in mind as you manage your time between jobs.
