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May 16, 2009

Understanding the Different IRS Letters

There are many types of letters that you may receive from the IRS. And believe it or not, all of them have a number which makes it easy for the IRS and your accountant to track and should do the same for you. While you will probably never see most of the IRS notices that are used, there is a chance that you will be sent one at some point in time. The more you know about these correspondences and what they mean the less stressed you will be when you find one in your mailbox.

IRS Letters

IRS Notice 525 or General 30 day note. This one is sent in correspondence with a report detailing adjustments to your return. It also says what you can do if you do not agree with the adjustments.
CP 531 or Notice of Deficiency. This notice lets you know that you owe additional tax for the year(s) outlined.
CP 692 or Request for Consideration of Additional Findings. This letter is sent in correspondence with a report detailing adjustments to your return. You can either sign and send back your adjustment form or start the protest process.
CP 1153 or Trust Funds Recovery Penalty Letter. Used for explaining that the IRS is attempting to collect tax for the named business.
CP 3391 or 30 Day Nonfiler Notification. The IRS sends this when they believe that you should be paying taxes for the specified period of time.
Letter 3016 or IRC Section 6015 Preliminary Determination Notice. Once you receive this it gives you 30 days to appeal the determination for spouse relief as outlined by IRS Section 6015.

These are among the most commonly used IRS letters. As noted above, there is a good chance that you will never receive on of these during your lifetime. But if you do, you now have more information on what it means and how to proceed. The IRS is typically good about notifying tax payers of problems and there is a solution to each notification they send out. If you are still having trouble with your IRS letter, you can always contact a tax resolution firm or call the IRS directly to find out what the best solution would be for your particular situation.

Find more information on IRS Letters. Find out what each specific letter means and what actions you should take if you receive a specific letter by consutating one of the best accountants in the United States. You can find one in your connunity at www.BestofUS.com.

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