Sunday, September 20, 2009

The IRS's 30-day Letter, Proposed Individual Tax Assessment

The Proposed Individual Tax Assessment is also known as a 30-day letter.
This letter notifies you that the IRS has NO record of receiving your Form 1040 Tax Return.

The purpose of the proposed tax assessment, including penalties and interest based on income reported to us by your employers, banks, etc.

The letter also states that within 30 days, you must submit one of the following:

1. Your Form 1040 completed and signed, including all schedules and forms with cover letter

2. The Consent to Assessment and Collection form, signed and dated

3. A statement explaining why you believe you are not required to file, or information you would like us to consider.

If you received a 30 day, Proposed Tax Assessment Letter, you might want to contact a tax professional. They, or us, if you choose, can contact the IRS and ask for an extension of time to file or commit to having your return completed by a certain date. The IRS would also fax / mail the necessary documents to complete your tax return.
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