Tax Issues

IRS & Mississippi Tax Disputes

Not properly handling a tax issue can cost you time, money, and in some cases your freedom.  At Arnold and Associates, LLC, we offer clients true solutions to your tax problems.

Some of the tax services we provide include:

Representation before the IRS or State/Local Tax Authority

All too often individuals and businesses are audited by the IRS and/or the state/local tax commission.  These audits are designed to determine if the individual or business has been deficient in their reporting.  The representatives for these agencies are experts in extracting information that will increase your tax liability, which in turn will lead to you or your business being audited more.  We are here to answer your questions and concerns to help you through this daunting process.

Criminal Tax Investigations

If you find yourself subject to an IRS or Mississippi tax investigation, it is of the utmost importance that you be proactive.  Building a strong defense early can be the determining factor between putting these problems behind you and being criminally convicted.

At Arnold and Associates, LLC, we know your rights and are fully prepared to defend them.

Tax Planning

Whether you are an individual, small business or large corporation, sound tax planning is the secret to achieving long-term financial success.  Our firm and affiliate CPAs have a wealth of knowledge that can assist you or your company with a wide range of tax planning issues.  We are trained in helping you preserve your assets while fortifying against unnecessary risk and liability.

Please give us a call at 601-213-7581 if and when the tax authority contacts you with a notice.

Common IRS Notices & Letters

CP11 IRS Notice

The IRS sends this notice to inform the taxpayer of money owed to the IRS. This is the initial notice indicating that changes were made to a tax return which resulted in taxes being owed to the IRS. When a taxpayer has changes made by the IRS to their tax return and it affects their Earned Income Tax Credit, the IRS categorizes it as CP 11.

CP12 IRS Notice

This notice indicates that the IRS corrected one or more mistakes on a taxpayer’s tax return which resulted in them having an overpayment in their taxes. This notice is rare!!

CP14 IRS Notice

This notice indicates that a taxpayer has underpaid on their taxes. This notice is sent within 60 days of filing a tax return.

CP22A IRS Notice

This notice is sent when the IRS has made changes to the tax return as requested by the taxpayer. The changes are made based on information provided by the taxpayer.

CP22E IRS Notice

The IRS sends a taxpayer a CP 22E IRS Notice after an audit which results in changes to the taxpayers tax returns causing them to owe more taxes.

CP23 IRS Notice

This notice is to inform the taxpayer that there is a difference between the amount paid in Estimated Tax Payments and the amount the IRS posted to the taxpayer’s account.

CP49 IRS Notice

The IRS will send a CP 49 IRS Notice to taxpayers if the IRS applied a tax refund to satisfy another tax debt.

CP88 IRS Notice

The IRS sends this notice to taxpayers when they have failed to file a tax return from a previous year, so the IRS is withholding their tax refund.

CP161 IRS Notice

The IRS sends taxpayers a CP 161 IRS Notice when the taxpayer has a tax balance due after the IRS has calculated personal income, expenses and tax credits filed on a tax return.

CP90/ CP297/ CP297A IRS Notice

The IRS sends this notice to inform the taxpayer that they are going to issue a levy against them for back taxes. The IRS can levy wages, assets, bank accounts, commissions, real estate, or other assets to help satisfy a tax debt. The notice also informs the taxpayer that the IRS can file a federal tax lien against personal credit and assets.

CP91/CP298 IRS Notice

This notice tells the taxpayer of the IRS’s intent to levy the taxpayer’s social security benefits to satisfy a previously acknowledged tax debt.

CP501 IRS Notice

This notice informs taxpayers that they have an outstanding balance due with the IRS on their tax account along with the payment options available.

CP503 IRS Notice

This notice informs taxpayers that the IRS has not heard from them, and that the taxpayer still has an unpaid balance on their tax account.

CP504 IRS Notice

This notice is to inform the taxpayer of an unpaid balance on their tax account, which if not paid right away will result in a levy of their state income tax refund. The state income tax refund will be applied to the back tax debt.

CP523 IRS Notice

This notice informs the taxpayer that the IRS is going to terminate the installment agreement and levy their assets because the taxpayer defaulted on the payment plan.

CP2000 IRS Notice

This notice is to let taxpayers know that the IRS is going to makes changes on their tax returns. The IRS does this when the tax returns information does not match what their employees, banks, and other payers submitted.

LT11 OR Letter 1058 IRS Notice

This notice lets the taxpayer know that the IRS will be issuing a levy against their bank accounts, wages, or other assets because of a tax debt. The IRS will also continue to search for other assets to levy, as well as file a federal tax lien.