Certified Public Accountant in Diamond Bar, Los Angeles County
If you IRS notice says that you have penalties and/or interest due, it’s very important to respond quickly so the penalties and interest will not accumulate and grow to a higher amount due. If you don’t respond, the IRS and can apply liens, levies, garnishments, and seizures in an attempt to collect payment. In some cases, they have even frozen bank accounts so that you cannot access your money.
The Internal Revenue Service, state tax agencies, and local entities will send a letter if one of the following happens:
- You miss a deadline for filing or paying personal, business, or trust income tax returns.
- You miss a deadline for filing or paying payroll taxes.
- There is a discrepancy on the returns requiring an explanation.
- You've failed to respond to previous correspondence.
- You've been selected for an audit.
