Transcript
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Ralph: The question for today is have you
received the notice from the IRS recently,
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that left, you scratching your head.
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Well, stay tuned to find out
what's changed and how you
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can respond appropriately.
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This is an episode you don't want to miss.
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Welcome back to the show on this tax
talk Thursday, where we're talking
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about the IRS new simplified notice.
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Yes.
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You heard me, right.
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The IRS has simplified their notices . If
you've ever received notices from the
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IRS, you know, it can be intimidating.
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And downright confusing, trying to
figure out what they want from you.
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Trust me.
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I do this as a professional and sometimes
I got to try to figure this out.
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Well, the good news is the IRS has
completely overhauled their notice
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system to make it easier for taxpayers to
understand, at least that's their goal.
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These new simplified notices
is rolled out just this year.
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So my friends, this is some
hot off the press information.
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If you asked about the Ask Ralph Show.
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are we bringing relevant content?
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Well, this is new and hot
and right off the presses.
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So in this episode, we're going to
go over what prompted these changes.
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What exactly is different about the
new notices And most importantly, how
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you should respond if you receive one.
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You need to be prepared and know
what to do when this happens.
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So you might ask Ralph what's my goal.
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My goal is today by the end of
this episode, you'll feel empowered
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and ready to handle the IRS notice
professionally and promptly.
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Now that said, I'm going to highly
recommend you reach out to somebody
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like myself to help you with
this because you don't want to
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navigate with the IRS by yourself.
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Now don't forget to subscribe to
our show and join our email list.
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You can do that at askralphpodcast.com.
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So you don't miss tomorrow's show.
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When we're going to be discussing
what to do when you inherit an IRA.
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So that's a great episode.
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You don't want to miss that one.
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So first today let's discuss
why the IRS decided to simplify
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their notices in the first place.
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Some background information.
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So back in 2021, they did a comprehensive
review of their notification system.
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You know, they send over
170 million notices.
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And they did this review to
see where improvements could
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be made, believe it or not.
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Yes.
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The IRS looked for ways
to improve themselves.
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What they found was that many taxpayers.
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In fact, what they found over
20%, in some cases, either didn't
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respond to certain notices.
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Or didn't respond in ways.
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That actually resolved the issue.
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So what they found, you know, they
were sending out all these notices.
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And as much as 20%, they
didn't understand them.
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They weren't responding, they weren't
responding in the correct way.
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So they said we got a problem here, folks.
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So upon surveying taxpayers, the IRS
realized the primary problem was,
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there notices were too complicated.
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Yes, they were.
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I mean, page after page of their
paragraph, every paragraph of legal
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and accounting jargon that the average
person had no idea what they were saying.
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I don't know what they were trying
to accomplish it on the, who those
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original notices were written to,
but they weren't written anybody
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that understand the English language.
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people found the language confusing
and weren't sure what steps to take.
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So the IRS set out to transform
their notice system to
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make it more user-friendly.
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How did they do that?
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Ralph?
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Well, they truly involved tax
professionals and everyday taxpayers
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in redesigning the notices to ensure
that it will be easy to comprehend.
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Now I've seen some of these new notices.
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And they are much more streamlined.
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They are easier to understand.
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So what was the result?
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The result is this new plain
language notice project.
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That's the name of the project
that launched this year?
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And the goal was all IRS notices have
been rewritten in clear, simple language
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and formatted in a standard way.
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That's easy to follow.
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So let's talk about what
exactly has changed.
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Here are some key improvements.
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This one is vital.
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A clear subject line that summarize
the purpose of the notice.
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In the past, they had a lot of
notice numbers and notice jargon.
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Now there are notices cut straight to
the point where a clear subject line
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that summarizes, what is the issue?
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They then explain what the situation
is in plain language in detail.
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before they would have paragraph
after paragraph of all kinds
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of tax codes, citations in
section this and section that.
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And people didn't understand them.
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So for example, Let's say that you
prepared your tax return last year
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and you forgot to include the interest
income you got from your bank.
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Well in these new notices, it would
simply say, Hey, by the way, Mr.
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Ralph.
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You filed your tax return last year, but
oops, you forgot to include the $12.15.
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You got in interest income from your bank.
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So here's what you need
to do to resolve that.
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And the way they've changed these new
notices, they have bullet points and
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tables and set a big blocks of texts.
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Like seriously folks, if you've ever
seen one of their older notices,
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They would write three or four
pages about this particular issue.
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I just mentioned, IRS code says,
you must do this, the IRS code says,
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you must do this and you didn't
do this and you didn't do that.
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When it's really a simple issue of, Hey,
you had interest income from the bank.
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The bank sent us the information.
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The bank sent you a 1099 and you
never put it on your tax return.
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So this new notice system
is supposed to resolve that.
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The other thing it does is it
gives clear action items telling
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taxpayers what steps to take.
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So in our example, I haven't seen this
notice for this particular issue, but
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what it should say is, Hey Ralph, you
forgot to report this interest income.
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First of all, is this correct?
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Is this your bank account?
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And guess what we've
adjusted your tax return.
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So now you owe us a dollar.
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I know it's a silly example, but in
that particular case, we said, you only
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forgot to include $12 in interest income.
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So you might know a dollar or two.
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The other thing that it does, which
I really like, it gives the contact
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information and resources, prominently
displayed, you know, here's what you
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need to do to resolve this notice.
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They even have QR codes on some of
these where you can click on the QR
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code and it takes you to the website.
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Where you can respond to this now.
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Listen.
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While we're here.
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Be very careful.
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To make sure that this
is in fact an IRS notice.
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Unfortunately, there are scammers out
there who are making up fake IRS notices
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with fake QR codes to take you to all
kinds of crazy things you don't want to
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get to actually did an episode about.
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Fraudulent QR code.
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So be on the lookout for those.
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But if the IRS notice seems to be correct
me, if I've got your correct information.
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the numbers make sense, in
this particular case you
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had that interest income.
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If you in fact had that interest
account or that bank account,
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then it makes sense to have it.
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But the whole thing is here.
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There's less legal and
technical terminology.
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So in other words, the notice is
now clearly state what issue was
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identified, in this case, you
forgot to report this income.
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Why the IRS is contacting me.
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Well, they're contacting
you because guess what?
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The bank sent us a copy of this, our
supercomputers at the IRS, compared
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it to your tax return to see that
you, you hadn't included that.
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And then the next thing you want to
say is what do you do to fix this?
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Well, in this case, They've
already fixed it for you.
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They say, Hey Ralph is another
dollar, $2, whatever that is.
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And if you disagree with
them who to call to help.
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And the truth is this is fantastic
news for everyone who's ever felt.
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bewildered and anxious about an
IRS notice, and that scares people.
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Trust me.
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Clients will call me and say, Ralph.
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I got home from work today.
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And I had this notice in my mailbox.
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What do I do?
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In fact, if you go back a week, we did a
podcast episode about what to do when you
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get an IRS notice, what does that mean?
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If you owe the IRS, I would encourage
you to go back and listen to that.
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And while you're there, we've got two
or 300 episodes of information out there
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that we've put out there over the last
several years that you can go back and
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take a look and take a listen to and
see if it affects you in a good way,
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you know, use that for your knowledge.
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So the days of trying to decipher pages
of convoluted government jargon are gone.
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At least that's the plan.
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Now let's talk about what to do.
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If you receive one of these
new simplified notices.
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I want to just leave you
with, Hey, here's a notice.
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Figure it out on your own.
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Let me give you some action
steps at the Ask Ralph program.
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That's always what we're about.
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Action steps.
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So number one.
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Don't panic.
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The notice likely isn't
as scary as it seems.
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you're not going to jail like
Al Capone for tax evasion.
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Now, to be honest with you, if
you've done something wrong, then
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this notice could be a little scary.
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But if you've done the right things and
it was just an oversight on your part, or,
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sometimes IRS actually makes a mistake.
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So don't assume that what
they're saying is correct.
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So first thing is don't panic.
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Take a deep breath and
read through it carefully.
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And focus on the action items.
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Number two, make sure
you understand the issue.
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If anything is unclear, contact
the IRS, using a phone numbers.
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Only notice.
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Ask question now be prepared.
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You might be in for a wait.
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If you had somebody prepare your
tax return, actually, I would
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recommend reaching out to them first.
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Now if it's the situation like we
talked about where you forgot to
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include an interest income number.
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My guess is you probably forgot to
give that to your tax person as well.
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So I don't know if you need
to contact them for that.
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Let's move on to.
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Step number three.
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Gather any documents or
records you need to respond?
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The notice will tell you specifically
what documentation you need to
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provide now in our situation.
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I would go back and take a look and see,
oh, let me log into the bank account.
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Oh, that's right.
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They did send me an interest
statement for $12 in whatever sense.
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I can't remember what I said, but
$12.15, whatever that number is.
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Oh, yeah.
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You know what the IRS is correct.
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So, what do I need to do?
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So number four, choose
your response method.
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You can usually respond by mail telephone.
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A lot of times they have a fax.
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Or electronically through the
IRS website is be careful.
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You're actually going to the IRS website,
make sure you're using your irs.gov
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account that you should have set up.
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And pick whatever works best for you.
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Now in this particular case, maybe the
simple resolution is, Hey, Ralph, we
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sent you this notice you owe us a dollar.
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Well, you know, cut the check for a
dollar or go online, irs.gov and paid
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electronically and be done with it.
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Now here's the key.
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This is action.
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Step number five.
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Take action by the deadline.
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Every one of these notices will state
clearly when a response is required.
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Mark your calendar.
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make sure you're responding to them
in a timely fashion because you don't
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want to end up with the followup
notices or the intent to levy notices.
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And action.
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Step number six.
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Seek help if needed.
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Like I said, in this case, this was a
really simple issue, but let's say that.
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The issue is a little more complicated.
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let's say for example, that you are
going through a divorce and you have a
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custody arrangement where, husband and
wife are sharing custody of the kids.
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And one of you claim the child and
you shouldn't have claimed the child.
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Then the IRS is very likely to send
you a letter to says, Hey, guess what?
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Two people have claimed
the same dependent.
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Now this is a bigger issue
than something simple.
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So in that case, you're going to want
to seek help, Don't hesitate to enlist
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the help of a tax pro like myself.
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While I'm talking about that.
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If you need my assistance, I
don't care where you're located.
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I can help you all over the United States.
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You can go to askralphpodcast.com/store.
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There you can book an appointment with
me or consultation me and I'll help you.
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The key to all of this.
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Is do not stick your head in the
sand and hope the problem goes away.
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If you receive one of these
notices, it's not going to go away.
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And now that they're clearly written, you
have no excuse not to address the issues.
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Head on.
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Take it step-by-step and provide
requested info by the deadline.
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It's really that simple.
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So before I wrap up again, I
want to remind our listeners
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to visit our podcast page.
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Again, that's at askralphpodcast.com.
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When you're there, you can leave us
a review, share your thoughts, send
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00:11:22,598 --> 00:11:25,418
us a message with questions, click
on the little microphone icon and
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tell us, Hey Ralph, you're doing a
great job or tell us, Hey, I've got
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00:11:28,328 --> 00:11:30,188
this idea or I've got this question.
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00:11:30,528 --> 00:11:33,048
Ralph, I got this notice, whatever
those things are, don't leave
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a lot of personal information.
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But if you think of an idea that
would be great for us to cover while
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we're on the show that let's do that,
we've had a lot of listeners do that.
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You've heard in some of the recordings.
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And while you're there, make sure you
join our email list to enter in our
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00:11:45,268 --> 00:11:47,638
$25 weekly, Amazon gift card drawing.
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we're trying to build listeners.
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And one of the ways we're
doing that is given away this
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00:11:51,718 --> 00:11:53,338
weekly Amazon card drawing.
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So while you're there, you can also
schedule a consultation with me to
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discuss your specific circumstance.
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if you need help with taxes or if you
need help with financial counseling.
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I'm here to help you.
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That's my goal.
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So in closing.
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The IRS new simplified notices are great
news for taxpayers and they really are
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folks, the IRS has really done a good
job of making this a simpler process.
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No longer, do you need to
have an accounting degree or a
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degree in astrophysics to figure
out what they want from you?
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So let's talk about our key takeaways.
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Just one more time.
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we'll recap.
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The IRS overhauled their
notification system to make
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notices easier to comprehend.
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And notices now use plain language
standard format and clear action steps.
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We got to love that.
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And again, don't panic.
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If you receive a notice.
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The new versions are straightforward,
follow the steps, gather the documents,
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and if you need help, seek help.
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So as always feel free, like I said, to
visit our website for more information,
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go back and listen to our prior episodes.
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And as I always say, stay
financially savvy and God bless you.
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Abundantly.
