DEFENDING YOUR PROFESSIONAL INTEGRITY
Stay current on recent changes in the regulatory environment
Owing money to the IRS increases stress levels stemming from a large tax obligation and can also be downright annoying.
If the individuals soliciting business and IRS employees dropping by unannounced isn’t bad enough, the amount of mail received can be overwhelming. I had a number of clients who simply told me “I don’t open mail from the IRS anymore, there is never anything good in there.”
Understanding the mail that the IRS sends to your business or residence is crucial. The Service uses 350+ different notices and letters to notify taxpayers regarding various issues.
From my perspective, opening IRS correspondence can be the difference between getting the appropriate resolution approved and getting a lien filed against your assets or a levy issued to your bank.
If a situation arises where you have decided to take on the IRS yourself, it is imperative that you read each piece of mail the IRS sends. A large percentage of letters that the IRS sends out look threatening and include language that scares taxpayers into taking action. Although a notice may look threatening, it doesn’t necessarily mean that your assets will be seized.
The following notices are extremely important as they indicate that an IRS levy is imminent or has already happened:
If you have been representing yourself and recently received one of these notices, I strongly encourage you to seek the help of a tax professional. Most appeals must be filed by a certain date and having an appeals hearing can yield costly results, especially when the case is assigned to a Revenue Officer who is difficult to work with.
We invite you to contact Doc Kennedy to discuss your situation.
President, Managing Attorney
3400 Industrial Lane, Unit 10A
Broomfield, CO 80020
Main Ph: (303) 952-4025
Fax: (720) 452-0613
This blog is my ongoing effort to inform and educate FINRA licensed professionals about the evolving regulatory ecosystem in which we operate.