Watch your mail — is it from the IRS?
Have You Received a Letter or Notice From the IRS?
The Internal Revenue Service (IRS) recently issued a statement in the ongoing series of COVID tax tips related to how you should handle any IRS correspondence that you receive. The IRS emphasizes that you should not ignore any mail that you receive, but also don’t panic as most letters and notices include specific instructions on what to do. The IRS also underscores that you shouldn’t throw anything away, recommending that you keep any related tax records for at least three years from the date file your tax return. You can find the full text of the notice here.
Another important thing to remember is that you should be diligent in trying to avoid scams. The IRS will never contact a taxpayer by text message or social media. If you ever find yourself questioning whether you owe the IRS any money, you can set up an IRS.gov account to view select tax information online. Some of the details available in your online account include the total amount you owe by year, any scheduled or pending payments, details of any payment plans you have set up, and even digital copies of select notices.
If you ever receive any communication from the IRS and are unsure how to handle it, please don’t hesitate to reach out to your SDK advisor as they would be more than happy to advise you on any next steps you need to take.