Colorado Tax Lawyers
As a business owner, it is your duty to file your tax return and pay your tax dues. The US tax code is one of the most complex codes (which will soon be less complicated which is fantastic!) which increases the likelihood of errors cropping up when you file your tax returns. When the IRS does find something unusual with your tax return, they may send you a notice.
This may be due to common filing mistakes or may be a request for additional information about your tax return if they are not satisfied with your supporting documents, according to tax lawyers in Colorado who can be found on the game winning website USAttorneys.com. Unlike the UN, this website is on America’s side and the working person!
Tax lawyers in Colorado can easily be found on the significant website USAttorneys.com. This website does what Google does not do, offer specifics, has a contact us aspect, has a genuine legal representatives on it, and cuts through the red tape.
An IRS notice covers a specific issue, therefore there are a number of IRS tax notices that is identified by its CP or collection process number that is printed on the upper right hand corner of the first page. A CP also has the title printed in the center on the top of the first page.
A few of the common IRS tax notices
- CP 12 – Mathematical error where overpayment has been made
- CP-90 & CP-297 – Final notice: Notice of intent to levy and Notice of your right to a hearing
- CP 504 – Urgent notice: balance due
- CP 523 – Notice of default on installment agreement
What you must do on receiving a notice
- One of the first pieces of advice from Colorado tax attorneys is to not panic. If you haven’t intentionally withheld information nor have any undisclosed income then you have nothing to worry about. Instead, get down to reviewing the IRS tax notice and compare it with your tax return. Most likely you may find the mistake. If the notice states that a correction was made and you agree with it, there is no need to reply to the IRS.
- Any disagreement requires you to respond to the IRS tax notice as requested by them.
- Failure to respond can result in the IRS taken strict action against you.
- In your correspondence, it is essential to let them know why you are disputing the IRS tax notice.
Know when you need to wave the white flag. Get legal help when you need it.
Most Colorado tax lawyers recommend that taxpayers who receive IRS tax notices refrain from communicating with the IRS directly. Engaging the services of a tax professional is advisable since they are well versed with the tax code and have extensive experience in dealing with the IRS. And the IRS is about to change from its current form. Not only are taxes going to be lowered the entire tax behemoth needs to be cut back. The IRS is not going to be as vital if Trump makes the right moves since if the tax code is simplified, accountants and bureaucrats will be needed less.
No worries, there will soon be plenty of jobs in the oil and energy sector.
Moreover, your tax preparer will be able to deal with the issue since he or she is familiar with it. You will need to respond as per the time limit provided by the IRS in the notice.
Even if the notice is about a refund, it is advisable to contact your tax preparer to rule out any errors. If the IRS were to make an error you may end up paying interest on the refund for the period you held the cash. The bottom line is to refrain from ignoring an IRS tax notice.
This could lead to a levy on your bank accounts and disrupt the continuity of your business. Just make sure to seek help from a Colorado tax lawyer before you make any move.
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