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IRS Letter 5043- Notification of Possible Income Underreporting

IRS uses Letter 5043 when the IRS needs verification of the income that was reported to the IRS by credit card merchants and/or third-party networks on Form 1099-K.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IRS Letter 5043- Notification of Possible Income Underreporting

 

IRS uses Letter 5043 when the IRS needs verification of the income that was reported to the IRS by credit card merchants and/or third-party networks on Form 1099-K.

How this happened

You requested income through credit card merchants and/or third-party merchants.  You filed a business tax return.  The IRS believes that the tax return shows an unusually high portion of gross receipts attributable to credit card payments when they expected more checks or cash. 

The IRS asks that you review the 1099-K and verify that it is accurate and if income has been underreported to amend the business return.

You will have 30 days to respond and explain why the receipt from credit card merchants and third-party networks is higher than they expected, after which time will like audit the return.

 

What are your options?

 

 

Never Be Surprised by a IRS Notice Again With Audit Alarm Real-Time Monitoring

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

What is my first step?

If you received a letter or notice, a decision has to be made. Do you feel confident to handle this situation on your own? If it is a simple issue and you already know the answer, call or write them. If the issue is more complicated, you need to hire a Certified Tax Resolution Specialist. The IRS or State will take full advantage of your lack of knowledge and experience.

What is Your Next Step?

The next step is to determine if the notice was sent in error. Do you have an outstanding tax liability? Do you have unfiled or incomplete returns?

Is There a Time Limit?

Yes, each letter or notice from the IRS or State will indicate a date that you MUST to contact them by. If you need more time, call the number on the notice or letter and request an extension. DO NOT ALLOW the time to expire without contacting them or hiring a representative to contact them for you.

What You Don’t Want to Do!

What you don’t want to do is nothing. Your tax problems will only get worse if you ignore them. If you cannot pay, there are a number of potential solutions available to those who are otherwise in compliance. In compliance means having all tax returns filed and any balances paid or on a payment plan. If you have outstanding debts or unfiled returns, you need to get hire a Certified Tax Resolution Specialist.

Get Some Help

If you don’t know how to address the issue(s), have unfiled return/unpaid balances or just done feel confident, let the experts at Legacy Tax & Resolution Services represent you. Work with our team of Certified Tax Resolution Specialists to resolve your issue(s) quickly. Best of all, you don’t have to talk to the IRS or State; we can speak on your behalf.

 

 

Download our Special Report “ I Just Received an IRS Notice, What Do I Need To Know?”

In it you will find next steps, dos and don’t and information about your options

 

 

 

 

 

 

 

 

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Stop the stress and resolve your problems!

 

Call 800-829-7483 for a FREE Consultation

 

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Also See

Can I Go To Jail For Owing Taxes?

Why Shouldn’t I Just Use my Own CPA or Attorney to Help Me With This Tax Problem?

What is an Offer in Compromise in a nutshell?

I have Let This Get Out of Control. How Soon Could You Start Working On My Behalf?

How are you compensated?

Several Tax Resolution Companies have called Me! Why Should I Hire Legacy Tax % Resolution Services?

Do I Need Local Tax Representation?

How Do I Know If My Situation Qualifies to Have my Tax Bill Reduced?

How Long Does the IRS Have to Collect Back Taxes From Me?

I Have a Deadline With the IRS (or State) Right Around the Corner. Is It Too Late for Legacy Tax & Resolution Services to Help?

 

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