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IRS response and audit

 

 

IRS LETTERS & AUDITS

According to Jeremy Kisner, President of Surevest Wealth Management, there is an overall one percent chance of being audited. However, Mr. Kisner also says for those bringing home more than $200,000 in 2013, that their chances jump to 3.26% and 10.85% for those making more than $1,000,000. 

We all fear receiving a letter from the Internal Revenue Service (IRS). Most people tend to panic, but frequently these audits can be settled quite simply. When you receive a letter from the IRS it does not automatically mean an audit. There are in fact 76 different types of letters and forms that IRS sends out.

Each year the IRS sends out different notices to taxpayers. Some notices are informational only, while others require a response. They can be both favorable and unfavorable. They may advise you of your eligibility for a tax credit or a pending audit. Notices may also alert you to an error on your tax return regarding a refund or a balance due. Others notices may request an updated address or alert you to your eligibility for something such as the Additional Child Tax Credit. Still others notices will request you to file an additional form.

If you receive a letter from the IRS, we can help you to comprehend its intent.

For additional information on the different letters from the IRS,  click here.

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