Have you ever opened your mailbox to find one of those IRS “love letters” and thought now what? The biggest issue that we face are clients that ignore IRS letters. Never ignore an IRS letter, contact our office and let us guide you through how to timely respond and ensure that you are in compliance. Some of the most common reasons to receive an IRS letter are that you are missing information on your most recently filed return, have a balance due without an installment agreement, ID verification prior to the release of a refund or a notice stating the IRS needs more time to process your return/correspondence.
In the event of an IRS audit, Enrolled Agents and Annual Filing Season Participants (AFSP) have expanded Representation Rights to practice and represent you or your business in front of the IRS. This means our staff is trained to work with IRS agents to review your account, determine the best course of action and how to resolve your case. We will review options for installment plan repayment or elimination of tax debt through the IRS Offer and Compromise program.
Our goal as Enrolled Agents and Annual Filing Season Participants, is to advocate for, educate our clients on timely filing, current tax code changes to ensure tax reporting and payment compliance.
Updates IRS Child Tax Credit
Important changes to the Child Tax Credit are helping many families get advance payments of the credit:
- Half the total credit amount is being paid in advance monthly payments. See the payment date schedule.
- You claim the other half when you file your 2021 income tax return.