Educational Tax Tip: IRS Letter 531 – Act Fast to Protect Your Finances

Do you know what an IRS Letter 531 means? This notice informs you of a tax deficiency after an audit and gives you 90 days to petition the U.S. Tax Court if you disagree. Ignoring it means the IRS will assess the tax and send a bill, which can lead to additional interest and penalties. If you choose not to contest and agree with the IRS's findings, you can sign the enclosed waiver form – this may help limit the amount of interest that accrues on your tax balance.

Taking action quickly is essential to protect your rights and finances. Need help responding to an IRS notice? Visit our website and contact us today for expert guidance and support! 
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