Dear John Letters From The IRS
Below is a MRR and PLR article in category Finance -> subcategory Taxes.
Dear John Letters From the IRS
When you think of "Dear John" letters, you might envision those somber notes sent to soldiers from loved ones, often bearing unwelcome news. Interestingly, the IRS sends out its own version of these letters to taxpayers.
Understanding IRS Dear John Letters
The IRS dispatches millions of these letters annually, signaling their desire to discuss certain aspects of your tax filings. Before you panic, know that these letters, or "correspondence audits," aren’t necessarily a harbinger of doom.
Instead of visiting your home, the IRS sends a letter addressing a specific issue related to your taxes. Often, these letters suggest that you may owe more money, but they can also inform you of a potential overpayment in business taxes. Unfortunately, they don't extend this courtesy to personal tax returns. At times, the IRS simply requests clarification or additional documentation for parts of your return. With so many letters sent, there's usually no need for alarm.
Responding to IRS Letters
The IRS generally outlines straightforward steps in their letters. You're typically asked to agree or disagree with their findings. If you concur, you may only need to send a payment. However, if you disagree, you'll have to write a letter explaining your perspective and then await their response. Depending on their reply, a more in-depth audit may be initiated.
Stay Organized
These Dear John letters usually involve simple issues. It's crucial to keep copies of all correspondence as the IRS sometimes misplaces documentation. Having records ensures you’re prepared if they raise the same concern again.
By staying calm and organized, handling these IRS letters can be a manageable process.
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