Taxing agencies, the states and the IRS, are firing off Notices of tax deficiencies with reckless abandon. They typically include penalties and interest. Sometimes the Notices are for a legitimate reason, but other times they simply require some additional documents or clarification to be resolved, even though they request money, not supporting documentation.
The Notices need to be taken seriously and responded to, but they are not necessarily cause for concern. Our experience is that they have little relationship to what tax returns are selected for examination.
08/05/2019
By: Gary Grottke, Quality Back Office LLC
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