1. Don’t panic! Likely NO ONE is going to jail. Put your nail files back into your drawer, and your cake pans away.

2. Locate the issue that is being questioned on the notice. It will usually indicate at the top, as to whether the notice is for 1040 tax filings, or another type of entity.

3. Copy the notice and prepare to discuss with a professional. Your first course of action will be to file all back taxes, including any 1040 returns, 1065 partnership returns or LLC returns, or 1120S S corporation returns. Before the IRS can take any action, they need to quantify the debt. If you have not filed, they will use whatever sources of income you have on file (rents from 1099’s, information from property management firms, or bank statement income) to assess your liability.

4. Follow the professionals advice. Adhere to timelines. Typically, you can obtain a good amount of time to file, but you must be diligent in your communication with the IRS.

5. Follow through with action. Set aside time to work on gathering your data. We can help you. We will direct you to gather the proper type of information to successfully combat any IRS action.

With proper guidance, this shall pass- and your worries are on their way to being over. Then instead of counting your income, you can go back to counting sheep!

Call us today or fill out our CONTACT FORM and let us know how best to reach you so that we can address your issue!