Due to COVID-19, the Internal Revenue Service (IRS) closed offices and reduced staffing levels. As a result, it appears the IRS is behind on processing payments and we are seeing a significant increase of erroneous IRS notices. The computer-generated notices typically indicate missing payments but do not account for the payments that were made with tax extension filings or final filings. In most situations, these notices do not reflect an accurate tax due.
Please send your Lurie advisor:
If your payment has not yet been processed the IRS has advised that, to avoid penalties and interest, taxpayers should not cancel their checks and should ensure funds continue to be available so the IRS can process them.
We are monitoring this situation and will share updates as we learn more. In the meantime, please contact us if you have additional questions.
Matt Brown uses his accounting, legal, and real estate experience to support clients with complex tax and business consulting matters. As a partner, Matt focuses on leading client engagements for individuals, privately held businesses, trusts, and estates. He advises on a wide array of tax matters including business start-up solutions, compensation structures, succession planning, wealth preservation strategies, and tax controversy work.
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