The IRS Could Get $80 Billion. Your Clients May Have More Tax Problems.
IRS Notices. There are roughly 75 types and IRS computers usually generate them. The notices will have codes like CP2000 (income or payment information on your tax return does not match IRS records), CP501 or CP502 (a balance is due), and CP90 or CP297 (impending levies and garnishments).
“Many people feel stressed and in the wrong when they receive an IRS notice, but if you do receive one, you should remain calm,” says Josh Borges, a CPA and tax manager at Truepoint Wealth Counsel. “Notices from the IRS are not uncommon, and can vary in complexity and seriousness. Some notices are simply informational. Many notices can also be resolved without having to amend your tax return, or go through an audit.”
Read the entire article on Barrons‘ website at: https://www.barrons.com/advisor/articles/inflation-act-irs-80-billion-tax-problems-advisor-51660156134