‘Ignoring tax notices almost cost this executive $107,138.’
Tax notices can be overwhelming—but ignoring them is even worse.
2 min read

Money Found

16 November 2023

Ignoring tax notices almost cost this executive $107,138.

Angie M Grainger

Money Found

When we first started helping a business owner get organized, we discovered a ‘last chance’ notice from the IRS with a bill of $107,138.

We looked into the issue and realized that the IRS was auditing him on a few specific items relating to payroll.

This client was so overwhelmed by the expansion of his business, that he just couldn’t handle notices from the IRS.

So he ignored the requests for information on the audit… for nearly two years!

By not responding to the notices, the IRS denied a deduction for the items under audit and assessed him the additional taxes, penalties and interest.

Once that final assessment has been made and the due date passes, the only way to challenge it at that point is to go to tax court.

The final due date was two days after we discovered this notice.

So, we immediately took over the situation and contacted the IRS.

It was a challenge, but we found the information in time to show the IRS that their assessment was incorrect, and got the full amount reversed before the due date lapsed.

It was a great day of celebration when the client opened the next notice from the IRS that said, “total due $0”.

Exclusive openings available for CFO Services.

Book discovery call

Exclusive openings available for CFO Services.

Book discovery call

Exclusive openings available for CFO Services.

Book discovery call

Exclusive openings available for CFO Services.

Book discovery call

Someone you’re thinking of?

Use this button to ‘copy’ the article link and ‘paste’ to your friends!

Why settle for anything less than your own, personal CPA firm?

Why settle for anything less than your own, personal CPA firm?

Our team of Certified Public Accountants, Personal Financial Specialists, and Certified Financial Planners® is dedicated to personal finance—so we’re dedicated to you.

Our team of Certified Public Accountants, Personal Financial Specialists, and Certified Financial Planners® is dedicated to personal finance—so we’re dedicated to you.

Prosper-ent

one who prospers.

Prosper-ent

one who prospers.