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Finance

IRS Math Error Notices: What You Must Know?

More than 10 million people in the US received a letter from the team of IRS, and it created a lot of confusion among people. Those letters say that the people who received them owe taxes. Taxpayers received roughly 1.5 million “Math Error” warnings during the year 2019. It might be quite surprising to hear this, but there is a surge in the notices sent during the year 2021. This math error notice is very different from a typical audit notice.

If you have received an IRS math error notice recently and don’t have any idea about what to do next, contact a tax professional immediately. Many people tend to make a lot of mistakes due to lack of knowledge about this kind of notice. Those mistakes can be costly if you do not pay proper attention. When you hire a tax professional, as he or she will guide you, you can avoid making those mistakes.

What to do when the taxpayers receive this notice?

If the team of IRS observes any discrepancy in your return, a notice will be sent to you asking you to correct the same. You will have only a 60-day window for resolving this issue. The IRS starts its collection attempts right away if the problem isn’t fixed within 60 days. Below are a few things, which you must do when you receive the math error notice.

  • Read the notice completely. Make an effort to know your error.
  • If you agree to the error on your return, go for the correction. Once changes have been done, send the same to the IRS attaching a copy of the notice that you have received.
  • If you disagree with the error, you must gather all the supporting documents. Approach a tax professional with those documents.

Take the assistance of a tax professional to stay with peace of mind!

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