Frequently Asked Questions
1. What should I do if I receive a letter or a notice from the IRS? Some IRS notices or letters are for informational purposes; however, others are instructive and may require immediate attention. It is very important to read all IRS notices and letters promptly to determine the reason of their communication to you. Contact us immediately for assistance with any IRS notices or letters!
2. If I am having problems with my taxes, will Larry E. Collins, CPA, be able to assist me in resolving my tax issues? Absolutely! We represent taxpayers before the IRS and the North Carolina Department of Revenue. Contact us immediately for assistance!
3. What if I owe money to the IRS? Most taxpayers receive refunds; however, if you owe money to the IRS, the IRS offers several options to pay your bill:
The IRS expects prompt payment of all taxes due. If you receive a notice for delinquent taxes, you are expected to pay the tax owed plus any penalties and interest. If you are unable to pay the amount due, you may wish to consider obtaining a loan to pay your bill in full. The IRS also offers an Installment Payment Program.
You may pay your bill by electronic funds transfer, check, credit card, money order or cashier's check. We recommend that all mailed payments are sent certified, return receipt requested. That way, you are ensured that your payment has been received and not "lost in the mail".
4. What if I see that my withholding from my paycheck is not enough to satisfy my tax obligation? You may wish to consider changing your W-4, the Employee's Federal Withholding Allowance Certificate, and the NC-4, the Employee's State Withholding Allowance Certificate. See your employer for these forms.
5. What if I owe money to the NC Department of Revenue? If you are unable to pay your state taxes by the due date, you should still file your return on time. Unpaid taxes are subject to penalties and interest; therefore, every effort should be made to pay your balance in full as soon as possible. You may pay your bill by electronic funds transfer, check, credit card, money order or cashier's check. We recommend that all mailed payments are sent certified, return receipt requested. That way, you are ensured that your payment has been received and not "lost in the mail".
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