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Have you Recently Received a Notice from the IRS?

It is the summertime which means some taxpayers are receiving notices from the IRS that additional taxes may be owed resulting from a discrepancy they discovered on your tax return. If you received one of these notices you should begin working on resolving it as soon as possible because penalties and interest may be accruing as time goes on. You should definitely research and find out exactly why you received the notice.

Some taxpayers will pay the notice without finding out why they received it in the first place. In some cases, those taxpayers did not owe the additional money. A perfect example of this is if you inadvertently forgot to include stock sales on your return the IRS will send you an additional bill for the tax owed on the full stock sale. What the IRS does not take into account in the notice is that you may have had an original cost basis in those stocks so the tax owed may not be on the full sale. If you receive a notice the best thing to do is to start working on it as soon as possible and show it to your accountant as well.

Please consult your tax advisor on all the above information and “Like” us on Facebook for your chance to win gift certificates to great local restaurants, www.facebook.com/veseyandcompany.

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