Like Pavlov's dogs, we all often fetch the mail each day. Ah, but what if you get a observation letter from the Irs contesting the math on your tax return?
Math
Ask most population what they fear and an Irs audit is commonly somewhere on the list. The stories of audit misery are well known and nobody wants to go through an audit. While an Irs audit can be a nightmare, a majority of them are paper observation audits that are not too bad. Essentially, the Irs sends you a letter contesting something on your tax returns.
With a "correspondence audit", you are commonly given pretty clear indications of the problem. One audit the Irs sends out all the time is the Cp-12, known as the math error notice. If this is the observation you receive, fall to your knees and thank anything deity you pray to. The Cp-12 observation is not just a observation of a math error. It is observation of an error that you made which resulted in you paying too much money. Yes, the Irs in effect sends these out.
When you receive a Cp-12 notice, you need to outline out what the Irs is up to. The observation commonly tells you the problem. The Irs, in fact, will automatically make the important changes to your tax return. It will also automatically kick out a tax reimbursement to you, but you have to wait for six to eight weeks for it to show up.
Upon receipt of the Cp-12, the Irs does not require you to do anything. That being said, you should take some steps. First, you should value either the Irs is giving you all the money it should. Second, you should make note of the convert on your returns so you remember when it is time to file taxes in hereafter years.
As shocking as it may be, the Irs in effect makes mistakes on returns. If you observe the Irs has mixed things up, you have to tell them. Do not cash the reimbursement check! The Irs may in effect come back and contest the changes. It is no defense that the Irs blew it in the first place.
The Irs Says You Made Math Errors - Good News
No comments:
Post a Comment