90-Day Letter

AAA

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.

INVESTOPEDIA EXPLAINS '90-Day Letter'

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

RELATED TERMS
  1. Withholding

    The portion of an employee's wages that is not included in his ...
  2. Audit

    1. An unbiased examination and evaluation of the financial statements ...
  3. Garnishment

    A legal process whereby payments towards a debt owed by an individual ...
  4. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  5. Underpayment Penalty

    A tax penalty enacted on an individual for not paying enough ...
  6. Tax Evasion

    An illegal practice where a person, organization or corporation ...
Related Articles
  1. After-Tax Balance Rules For Retirement ...
    Taxes

    After-Tax Balance Rules For Retirement ...

  2. Surviving The IRS Audit
    Taxes

    Surviving The IRS Audit

  3. Top 9 Solutions To An Unexpected Tax ...
    Taxes

    Top 9 Solutions To An Unexpected Tax ...

  4. What are the tax implications of a life ...
    Insurance

    What are the tax implications of a life ...

Hot Definitions
  1. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  2. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  3. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  4. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  5. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
  6. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
Trading Center