Transcript:
This is money talks with Chad Olivier, sponsored by Olivier Group.
Hi. This is Chad Olivier, certified financial planner and CEO with Olivier Group. Today, let’s talk about taxpayer bill of rights. Dealing with the IRS can be intimidating, but it shouldn’t. In twenty fourteen, Americans were given a taxpayer bill of rights to ensure fair treatment and transparency.
Here are the ten key rights every taxpayer should know. Number one, the right to be informed. You have the right to know what you need to do to comply with tax laws and understand IRS decisions.
Number two, the right to quality service. The IRS must provide prompt, courteous, and professional assistance with clear and understandable communication.
Number three, the right to pay no more than you owe. Number four, the right to challenge the IRS and be heard. If you disagree with the IRS, you have the right to object and provide additional documentation.
Number five, the right to appeal an IRS decision in an independent forum.
Number six, the right to finality. You should know how long you have to challenge the IRS and how long the IRS has to audit or collect taxes.
Number seven, the right to privacy.
Number eight, the right to confidentiality.
Your information must remain private unless authorized by law. Number nine, the right to representation.
You can have an authorized representative such as an attorney or CPA act on your behalf. And number ten, the right to a fair and just tax system. The IRS must consider your unique circumstances and ability to pay when applying tax laws. Bottom line, the tax system can seem complex and even intimidating, but knowing these rights can give you confidence and clarity when dealing with the IRS. Remember, knowledge is power, and in this case, it is also protection. That’s why money talks, but planning pays.
This has been money talks with Chad Olivier.
