High-Income Individuals Beware: The IRS Is Coming!

On: April 24, 2020

Whether it is the truth or an illusion, the IRS is not typically thought to pay many face-to-face visits to higher income individuals for failing to file or pay their taxes. This, however, is changing as the Internal Revenue Service has recently accounted that this year, they will be making more house calls to individuals making more than $100,000 a year.

What to Do If Your Are Visited By the IRS

Although face-to-face visits may be increasing, they will still not be the IRS’s fist means of communication. Prior to a face-to-face visit you will receive notices in the mail and likely by phone informing you that you have failed to file your taxes, or that you have made a mistake on your taxes. If you receive one of these notices, you should not ignore it. If the matter is as simple as submitting additional paper work, or remembering to file, you should go ahead and do so as soon as possible. If things are more complicated and you are informed that you are being audited, you should consider getting the help of a qualified tax attorney.

There are three types of IRS agents who can visit you at your home or office:

• IRS Revenue Agent: IRS revenue agents may visit you at your home or office. This type of agent is usually looking to sit down with you to discuss your financial situation and inform you about your tax debts and options.
• IRS Revenue Officer: IRS revenue officers are like collections agents. The IRS sends these people to collect on tax debts when individuals fail to file their taxes or when they appear to make no effort to pay off their tax debts.
• IRS Special Agent: IRS special agents are criminal investigators. IRS special agents are usually only sent on major cases and it is rare that you will be visited by one. They do not deal with more minor issues of late fillings. Rather they focus on things like major tax evasion. And IRS special agent may question you on a variety of aspects of your life and business. If you are visited by an IRS special agent, call a qualified tax attorney

Filing Your Taxes

For 2020, the tax filing deadline is April 15^th. That is a date you are not going to want to miss. If, however, you do miss it there is an option to extend the time you have to file until mid-October (the 15^th). You can use this tax extension if you know you cannot afford to pay the IRS additional taxes now, but that you will be able to pay them later this year.

The main thing to remember with the IRS is that it is critical to stay in clear communication with them. Your tax debts and the IRS will not simply go away, so the sooner you face your tax problems, the better.

If you are facing tax issues always make sure to call Leading Tax Group and don‘t attempt to do it yourself.