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Navigating IRS Letter 692: Your Path to Tax Relief

Receiving a notice from the IRS can be unnerving, especially when it comes with proposed adjustments to your tax return. One such notice is Letter 692 – Request for Consideration of Additional Findings. In this blog post, we will guide you through the key aspects of Letter 692, explain your options, and highlight how Priority Tax Relief can assist you in navigating this process with ease and expertise.

Unraveling IRS Letter 692: Your Options for Tax Resolution

When you receive Letter 692 from the IRS, it is essential to comprehend its significance and the information it provides. This letter is accompanied by a computation report that outlines proposed adjustments to your tax return. It serves as a crucial communication tool, acting as a bridge between you and the IRS, facilitating the resolution process. Upon receiving Letter 692, you will find yourself presented with two distinct options: agreement or appeal. Each option carries its own implications and requires careful consideration.

1. Agreement Option

If you agree with the proposed adjustments outlined in the computation report, you have the option to choose agreement. 

2. Appeal Option

If you disagree with the proposed adjustments, Letter 692 provides you with an opportunity to initiate an appeal. This involves challenging the proposed adjustments and presenting your case to the appropriate IRS office or individual. 

Seeking guidance from professionals at Priority Tax Relief can be invaluable during this process, as they possess the expertise to navigate the intricacies of tax appeals and ensure your case is presented effectively.

Empower Yourself for Tax Relief

Receiving Letter 692 from the IRS doesn’t have to be a daunting experience. By understanding your options, seeking professional assistance when needed, and taking prompt action, you can navigate this process with confidence. If you require further information or expert assistance, don’t hesitate to contact Priority Tax Relief. Take control of your tax situation and secure the relief you deserve.

Remember, when it comes to Letter 692, you have the power to advocate for your rights and find a favorable resolution.

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FAQs

 The simple answer is no. A business and a person are completely separate, thus, any personal tax debts or liabilities should not affect your business.

Tax debt can be an exhausting and complicated thing to deal with on your own. Communicating with the IRS and professionally handling your tax liabilities are just two of the services companies like Priority Tax Relief can offer.

No. The IRS’s Innocent Spouse Relief protects you from paying these additional taxes. However, this does not relieve you from household employment taxes, business taxes, individual joint responsibility payments etc. Priority Tax Relief helps you learn more about innocent spouse relief.

The most popular option to date would be an Offer In Compromise (OIC). At Priority Tax Relief, we help tax relief help become more accessible to taxpayers in need and help them understand how they can qualify for these options.

IRS tax liens are legal claims on your property when you do not settle your tax debts. The IRS usually sends out a notice when no payment has been made after a liability assessment. Find out more about tax liens with Priority Tax Relief.

Yes. Not only can the IRS put a claim on all your current property, tax liens can also affect any property or intangible or tangible assets that you obtain in the future. At Priority Tax Relief, we help you understand federal tax liens and how to communicate with the IRS.

 

Tax levies are the actual seizure of your property and are different from legal claims or tax liens. Settle your taxes before the IRS sends out a notice. Priority Tax Relief helps you understand tax levies and how you can avoid them.

Yes. Not only can they seize physical property but they can also legally take hold of the money in your bank account and other wages. To avoid this from happening, contact Priority Tax Relief now.

Your debt will, unfortunately, continue to grow and you will possibly lose a great number of your assets. It is definitely a scenario we do not wish to see happen to anyone, that’s why Priority Tax Relief makes sure that our help becomes within reach.

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