Receiving Form 725-B from the IRS signals an important moment in your financial circumstance that requires your immediate attention. This form is an indication that the IRS intends to meet with you in person, a shift from their previous approach of unannounced visits. Understanding how to handle this situation properly is crucial in maintaining your standing with the IRS and protecting your financial future.
What Makes an In-Person IRS Interview Different?
When the IRS decides to meet with you in person, it’s because they believe a face-to-face discussion is necessary. Such a request could be due to unpaid taxes or unfiled returns that have drawn their attention – they want their money. The goal of such an in-person meeting is twofold: to discuss resolution options and to collect as much information about your financial situation as possible. It’s a direct approach by the IRS to secure what is owed to them efficiently and accurately.
Receiving Form 725-B isn’t an immediate indication that you’re in trouble, and you aren’t left without recourse or strategies to respond accordingly. We have previously discussed methods to avoid disclosing all personal financial information during interactions with the IRS. Remember, while the IRS seeks to gather information, your priority should be to protect your financial integrity. Receiving Form 725-B serves as an advance notice, giving you a window to consult with an attorney and formulate a response plan.
How to Respond to Form 725-B
You are under a deadline and duty to respond when the IRS sends you Form 725-B. These forms are generally accompanied by forms like Form 9297 (Summary of Taxpayer Contact), Form 433-A (Financial Disclose), and Form 433-B (Financial Disclosure if you own a business).
As part of this notice, the IRS will give you deadlines to respond. A failure to respond properly and promptly could lead to severe tax-collection actions like wage garnishment. However, it’s important not to rush through these forms unadvised. Inaccurate or incomplete information can make your situation worse, potentially leading to allegations of tax fraud.
If you receive Form 725-B, make it a priority to speak with an attorney before filling out any accompanying paperwork. If the deadline is too tight, an attorney can help negotiate an extension, ensuring you have adequate time to prepare a thorough and accurate response before any current or extended deadlines.
Contact Robert V. Boeshaar, Attorney at Law, If You Receive Form 725-B
If Form 725-B lands in your mailbox, remember that time is of the essence. Before taking any action, it’s wise to consult with a legal professional who can navigate the specific requirements and strategies for your situation. A qualified tax attorney in Washington, like Robert V. Boeshaar, will provide the guidance needed to address the IRS’s concerns effectively while safeguarding your financial interests.
Receiving Form 725-B is a serious matter, but with the right legal support, you can manage the situation with confidence. Contact our firm right away and we’ll help you navigate what’s to come.
Robert V. Boeshaar Attorney at Law, LL.M.,PLLC
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