Since the pandemic, the IRS has been swamped with back paperwork and therefore had paused sending notices to taxpayers that have an outstanding tax liability. This does not mean the tax liability disappeared!
If you owe money to the IRS, believe us, they have not magically forgotten about it. That said, the IRS has warned that letters will resume in January.
The first letter will be a reminder of the tax liability & while some penalties were paused or waived, most were not automatically dropped. These reminders will go out to taxpayers that have tax liabilities prior to 2022. DO NOT IGNORE THIS LETTER! Sticking your head in the sand will be costly!
If you do not respond to the first letter, a second letter will be sent with more serious consequences ahead. This is the final chance to get ahead of further assessments.
By the time you receive the third letter, your time is running out to appeal or mitigate the IRS's Revenue Agents from levying your bank account, income, or personal property to recover tax liabilities, fees, or penalties assessed. At this point you are almost out of time to respond.
CONTACT US IMMEDIATELY if you receive any letter from the IRS. Oftentimes we are able to reach out to the IRS on your behalf to help. Sometimes it is possible to have penalties and fees waived or reduced, and a payment plan put into place for past due tax liabilities.
Owing money to the IRS is scary, but we can help you navigate the process and put your mind at ease. Knowing you have someone on your side to help you understand the process and procedures is peace of mind you owe to yourself this year.
Let your New Year Resolution be to treat yourself to peace of mind in every aspect of your life. If you owe the IRS, start this journey below...
Shelley H. Morales is your Hometown Accountant! Contact us today to see how we can help you! www.hometownaccountant.com
352-358-1413 info@hometownaccountant.com