PHOENIX — You did it, you filed your taxes! It feels great, but what happens if you check the mail and receive an unexpected tax document later?
While most people receive all of their tax documents by early February, there are a few reasons why you may receive a document after you've already filed. Maybe it was lost in the mail or the business preparing the document was delayed.
Don't worry. You're not in any immediate trouble, as you did not commit fraud and did not intentionally miss any deadlines. However, once you have the document in hand you cannot ignore it.
If you receive the document before the IRS contacts you about it, you'll need to file an IRS 1040-X which amends your tax return with updated information. If you file using tax filing software, you can find the form within the software. If you used a tax preparer, contact that person right away.
What if you received a document after the filing deadline has already passed? You may face additional fines or fees. If that happens, contact the IRS directly. You may be eligible to file Form 843 which requests those fines and fees be waived.
Now to another situation that may feel overwhelming - what happens if you are audited?
An audit means your return was selected for closer inspection. The IRS says you may be selected randomly or by computer screening searching for returns that are against 'norms' for similar returns. Consumers may also be selected for an audit if they are linked to another taxpayer being audited.
If you're selected for an audit, you will be notified by mail. No audit will be initiated by telephone. Take time to read the letter carefully and understand what the IRS is requesting. The information requested may not be related to your latest tax return.
See examples of what the IRS may request, as well as answers to other frequently asked questions on their website.
If you're facing a hardship or have a question, contact the IRS directly to discuss your options.
