I represent companies and individuals in St. Louis, surrounding areas and the state of Missouri who have IRS and State tax problems that include unfiled tax returns and past due taxes. The IRS always seems to be in a state of flux however one thing they are clear about is they are going to try to do the best they can with there limited resources. For the first time in several years they recieved an increase in there yearly budget and though not what they requested never the less they are trying to spend it wisely. How? By identifing close to 60 compliance campaigns to collect monies to narrow the tax gap, so don't ignore them you should start hearing from them. The hot issue is Cryptocurrency. The IRS feels there is a lot of unaccounted for lost revenue here. Here is how the process works.There usually are three letters sent with the first two requesting information and the third one getting a lot more serious. Here is how they look.
Letter 6174: Notice informing the the taxpayer that there is a liklihod that they dind not report their virtual currency transaction. You should check your return and if incorrect file an amended return to fix the misreporting.
Letter 6174A. This letter is more stern.If there is misreporting of the virutal currency transactions the IRS is telling you that they may followup with future enforcement action. You are being put on notice.
Letter 6173. You are requested to respond about the alleged noncompliace. You get instructions to do so and the IRS intends to follow up to make sure you are in compliance. If you are compliant don't worry about it. You can ignore the letter if you wish but is is up to you and your advisors to determine if you should respond.
Some things to consider. Just because you get these letter doesn't mean you are under criminal investigation. If you are the IRS will certainly let you know. You also are increasing your chances of being auditied but you won't know until notified.
Finally you have time to restate your past tax returns and after consulting with your advisors you would have time to do so.
You should be aware of deadlines. Your best defense is your offense.
If you or someone you know are having IRS issues with past due taxes, auditors and under examination with the IRS please don't hesitate to call me @636-397-2759, email me @ steveshapiroea@gmail.com. Enrolled Agents are federally licensed by the Treasury department and can represent taxpayers at all admistrative levels of the IRS.
Steve Shapiro, EA
620 South Benton Street
St. Charles, MO 63301
636-397-2759
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