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Resolving Tax Deficiency Cases: Your Comprehensive Guide to IRS Letter 950

A Letter 950 from the IRS marks an important milestone in your tax journey. Known as the "30 Day Letter-Straight Deficiency," this letter is issued in cases involving un-agreed straight deficiency, straight over assessment, or mixed deficiency and over assessment. In this blog post, we will provide you with crucial information and guidance on how to effectively address the proposed adjustments outlined in Letter 950. Whether you choose to agree or appeal, understanding your options and taking timely action is key to resolving your tax deficiency case.

What is Letter 950 from the IRS?

Letter 950 serves as a formal communication from the Internal Revenue Service (IRS), indicating the presence of un-agreed straight deficiency, straight over assessment, or mixed deficiency and over assessment cases. This letter plays a crucial role in initiating the resolution process for various types of taxes. It serves as a starting point for addressing the discrepancies identified by the IRS.

When you receive Letter 950, it is important to carefully review its contents. The letter provides essential details regarding the proposed adjustments made by the IRS to your tax liability. These adjustments may involve changes to the amount of tax owed, corrections to reported income, deductions, or credits, or other necessary modifications to your tax return.

Empowering Your Response: Exploring Options and Action Steps in IRS Letter 950

Whether you agree or disagree with the proposed adjustments, Letter 950 sets the stage for further action. If you agree with the adjustments, you can choose to sign and return the agreement form included with the letter. However, it is crucial to carefully review the proposed changes before accepting them to ensure they align with your understanding of your tax obligations.

If you disagree with the proposed adjustments, Letter 950 provides you with the opportunity to challenge them by submitting a request for appeal or protest. This involves presenting your case and supporting evidence to the office or individual that issued the letter. It is important to note that filing a protest within 30 days from the date of the letter is necessary to preserve your right to appeal the proposed adjustments with the Independent Office of Appeals.

Navigating the complexities of responding to Letter 950 and engaging in the resolution process can be challenging. Seeking professional assistance from experts like Priority Tax Relief, we can provide invaluable guidance and support.

Taking Charge of Your Tax Matters

In conclusion, Letter 950 from the IRS serves as a formal communication that alerts you to un-agreed straight deficiency, straight over assessment, or mixed deficiency and over assessment cases. Understanding the details provided in the letter is crucial for effectively addressing the proposed adjustments. If you require further information or expert assistance, do not hesitate to contact Priority Tax Relief. Take control of your tax situation, secure the resolution you deserve, and rest assured that you have the resources to advocate for your rights and achieve a favorable outcome.

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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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