Dealing with tax disputes with the IRS can be a stressful and confusing experience. However, there are several steps you can take to help resolve the issue. Here are some general tips our consultation services in New Jersey would like to share.

The first thing you should do when you receive a notice from the IRS is to stay calm and read the notice thoroughly. The notice will usually provide information on the issue, the amount of tax owed, and instructions on how to respond. You should also contact the IRS as soon as possible to discuss the issue and clarify any misunderstandings.

Before responding, make sure you gather all the necessary documents and records that support your tax return. This may include bank statements, receipts, invoices, and other financial records. As a taxpayer, you have certain rights that protect you during a tax dispute with the IRS. Depending on the complexity of the tax dispute, you may want to consider hiring a tax professional, such as a tax attorney, enrolled IRS acceptance agent, or certified public accountant. These professionals can provide valuable guidance and representation throughout the process.

In addition, it is important to respond to the IRS notice in a timely manner to avoid further penalties and interest. If you need more time to gather documents or seek professional help from tax services, you can request an extension. In some cases, the IRS may offer settlement options to help resolve the tax dispute. This may include an installment agreement, an offer in compromise, or a penalty abatement.

Need help with your taxes? TAKEOVER Accounting & Consulting LLC is the one to call. We offer reliable accounting services in Cherry Hill, New Jersey.