| Taxes are complex, with ever-changing rules. It's easy, | | | | will not be able to provide copies of specific |
| particularly for those who file manually, to make a | | | | documents. If you choose to hire a tax professional or |
| deduction or report income incorrectly. Unfortunately, | | | | certified public accountant (CPA), they will be able to |
| whether or not underreporting income was intentional, | | | | retrieve information from the IRS on your behalf. |
| not paying or underpaying income taxes will result in | | | | Once the correct amount of debt is determined, |
| action from the IRS. If this happens to you, what are | | | | negotiate a plan for repayment. However, keep in mind |
| the steps you should take to resolve the situation? | | | | that before the IRS will negotiate, your must file and |
| The first, most important thing you can do: determine | | | | pay your taxes for the most current tax year, as well |
| why you've received this notice. Are you being back | | | | as any other necessary payments. After you've made |
| taxed because you failed to file a 1040 the previous | | | | an arrangement with the IRS, it's very important to |
| year? If that's the case, take immediate steps to file as | | | | you're your payments in full and on time. |
| soon as possible. After you've filed, then contact the | | | | Solutions for back tax repayment vary between |
| IRS immediately to negotiate a possible solution for | | | | individual circumstances and situations. It's between you |
| your delinquency fees. | | | | and your tax professional to determine what is right |
| What if you owe due to human error on your tax | | | | for you. The key factor for successfully dealing with |
| return? Review your archived tax returns and | | | | this situation is to address it as soon as possible. The |
| determine if the amount of back tax owed is accurate. | | | | faster you respond, and the more honestly you have |
| You should be able to receive more information about | | | | presented yourself to the IRS, the more likely they are |
| your case by contacting the IRS directly, although they | | | | to work with you towards the best solution. |