What is an IRS letter 147c?
The IRS issues Letter 147C to businesses that it believes may be involved in terrorist activity. The letter requests information about the business and its owners and gives the business 30 days to respond.
If the business does not respond to the letter, the IRS may take enforcement action, including freezing the business’s assets and pursuing criminal charges.
how to respond to an irs letter 147c
Reference Number: ____________________________________
We have reviewed the documentation you provided and have determined that you are not responsible for the tax debt in question. However, we must alert you that the statute of limitations for collecting this debt is about to expire.
If you do not believe that you owe this debt, or if you believe that you do not owe the full amount, please contact us within 30 days of the date of this letter to discuss your options. If we do not hear from you, we will take no further action and the debt will be considered satisfied.
Thank you for your attention to this matter.
IRS Collection Division
what to do if you receive an irs letter 147c
If you receive an IRS Letter 147C, it means the IRS is questioning whether you correctly reported the value of certain property on your tax return. The letter will give you specific instructions on what you need to do to correct your return. Typically, you will need to provide documentation to support your valuation of the property in question.
If you disagree with the IRS’s determination, you can respond to the letter and provide your own estimation of the value of the property. You may also want to seek professional help from a tax preparer or accountant. Whatever you do, make sure you respond to the letter within the timeframe specified; if you don’t, you may be subject to additional penalties.