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Whatever you do, DON'T IGNORE IT! That's the worst thing you can do with IRS notices. Trust me, I learned that the hard way 😭
Oof, sounds like theres a story there. Care to share what happened?
Let's just say ignoring it led to some hefty penalties and a lot more stress than if I'd just dealt with it right away. Don't be like me, kids! 😅
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Pro tip: If you're having trouble paying, look into an Installment Agreement. You can set up monthly payments and it might help reduce some of the penalties. Just make sure you can stick to the payment plan!
That's a great idea! Do you know if there's a minimum amount you have to owe to qualify for an Installment Agreement?
AFAIK, there's no minimum, but the process is different depending on how much you owe. If it's under $50k, you can usually set it up online pretty easily. Over that, and you might need to provide more financial info.
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Have you considered hiring a tax professional to deal with this for you? Sometimes it's worth paying someone who knows how to navigate the system.
I've thought about it, but I'm worried about the cost. Any idea what something like this might run?
It varies, but for a straightforward issue like this, probably a few hundred bucks. Might be worth getting a consultation to see if they think they can help.
Ayla Kumar
I went in person for a different issue (identity verification) and they were super helpful, but for reviews/audits they probably won't be able to do much on the spot. Still, they can see notes in your file that you can't see online, so it might give you more info at least. Make sure to schedule an appointment tho - they don't take walk-ins anymore at most locations.
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Theresa Brown
My daughter did and they helped her.
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