Did you receive an IRS Notice of Deficiency in the mail? What is an IRS Notice of Deficiency and is this important? If you have received an IRS Notice of Deficiency you are facing immediate modification of prior tax returns, and exposure to IRS collection tactics. The IRS Notice of Deficiency is also called a “90-Day Letter” and communicates the IRS’ intention to modify your tax returns. This usually occurs after an IRS audit has been completed, or if you have failed to file an IRS tax return and the IRS is looking for more revenue from you.
If you receive an IRS Notice of Deficiency it should list the specific changes to be made, and the additional amount(s) you will owe the IRS. The notice is known as the 90-Day Letter, as it provides a taxpayer 90 days to file an appropriate complaint or else the changes will become permanent. This is why you should contact Allen Barron immediately or call to schedule a free consultation at 866-631-3470. At this point your options for remedy are decreasing, but there are still strategies we can employ to protect you from aggressive IRS collections tactics and provide needed time to fight the notice or raise the money to pay it.
There are several options available to you at this point, and you should work with an experienced and proven partner like Janathan Allen who can provide a candid assessment of those options and the risks associated with each. If the IRS Notice of Deficiency has arrived at the end of an IRS audit you may have the option to appeal the findings of the audit, but there is very little time to do so. You may need to contest the findings of the auditor or bring witnesses before a US Tax Court to challenge the findings contained within the IRS Notice of Deficiency.
The worst action you could take would be to ignore this important notice, as the next step will almost certainly be aggressive IRS collections including liens upon your property, and the seizure or levy or your bank accounts and wage garnishment. Allen Barron would save you the stress and resulting financial implications of IRS collections and work to find a way through that can work for your unique circumstances. If you receive an IRS Notice of Deficiency we invite you to contact Allen Barron or call us today to schedule a free consultation at 866-631-3470.