Let’s say you receive an IRS collection notice. What should you do? Don’t panic, but don’t ignore the letter. The National Taxpayer Advocate warns that ignoring the notice can make the situation worse and more expensive. First, confirm the accuracy of the notice using an online account at https://bit.ly/4en0t8W. This will allow you to see your balance, payment history and transcripts. If you disagree with the IRS, follow instructions in the notice by the deadline listed. Time is critical because if you owe taxes, penalties and interest will accrue until the debt is fully paid. The IRS can also levy wages and bank accounts or file a federal tax lien against your property. Contact us for help.© 2024