90-Day Letter


DEFINITION of '90-Day Letter'

An IRS notice sent after an audit stating that there was a discrepancy or error within an individuals taxes and they will be assessed unless petitioned.

BREAKING DOWN '90-Day Letter'

You have 90 days to respond, otherwise the audit deficiencies will result in reassessment.

  1. Audit

    An unbiased examination and evaluation of the financial statements ...
  2. Underpayment Penalty

    A tax penalty enacted on an individual for not paying enough ...
  3. Withholding

    The portion of an employee's wages that is not included in his ...
  4. Tax Evasion

    An illegal practice where a person, organization or corporation ...
  5. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  6. Garnishment

    A legal process whereby payments towards a debt owed by an individual ...
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