IRS Letters and Audits
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According to Jeremy Kisner, President of Surevest Wealth Management, there is an overall 1% chance of getting audited. However, he also says for those bringing home more than $200,000 in 2013, their chances jump to 3.26% and 10.85% for those making more than $1 million.
Everyone fears receiving a letter from the Internal Revenue Service (IRS). Although most people tend to react with panic, but frequently these audits can be settled rather simply. When you receive a letter from the IRS, it does not actually mean an audit. There are in fact 76 different types of letters and forms that the IRS sends out.
Each year, the IRS sends out different notices to taxpayers. Some are informational only; others require a response. They can be both favorable and unfavorable. On the plus side, they may advise you of your eligibility for a tax credit; on the minus side, of a pending audit. Notices may also alert you to an error on your tax return that triggered a refund (or a balance due). Others may request an updated address, or alert you to your eligibility for something such as the Additional Child Tax Credit. Still others will ask you to file an additional form.
If you receive a letter from the IRS, we can help you to comprehend what the letter says, if you don’t understand. If the letter is an audit, we can help in obtaining a solution and settle with the IRS on your behalf.
For more information on the different types of letters from the IRS, click here.
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