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Ep 109: What to Do When the IRS Comes Calling
Ep 109: What to Do When the IRS Comes Calling
Welcome to the Financial Advisors Want to Know Podcast! I’m Catherine Tindall, CPA with Dominion Enterprise Services, where we help financial advisors navigate income tax planning and compliance for their firms.In this episode, I’m joined by Patricia Gentile, attorney, CPA, and founder of New England Tax Relief, to break down what really happens when an IRS notice arrives—and what taxpayers should do next.Patricia explains why many IRS notices are automatically generated, why receiving one doesn’t necessarily mean the IRS is correct, and how responding promptly can prevent a manageable issue from escalating. We also discuss the importance of strong recordkeeping, separating business and personal expenses, understanding response deadlines, and the options available when a taxpayer owes more than they can afford to pay.
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Episode 109: What to Do When the IRS Comes Calling
Guest: Patricia Gentile
🎙 Overview
Welcome to the Financial Advisors Want to Know Podcast! I’m Catherine Tindall, CPA with Dominion Enterprise Services, where we help financial advisors navigate income tax planning and compliance for their firms.
In this episode, I’m joined by Patricia Gentile, attorney, CPA, and founder of New England Tax Relief, to break down what really happens when an IRS notice arrives—and what taxpayers should do next.
Patricia explains why many IRS notices are automatically generated, why receiving one doesn’t necessarily mean the IRS is correct, and how responding promptly can prevent a manageable issue from escalating. We also discuss the importance of strong recordkeeping, separating business and personal expenses, understanding response deadlines, and the options available when a taxpayer owes more than they can afford to pay.
5 Key Takeaways
✅ Don’t Panic—But Don’t Ignore an IRS Notice
Many notices are automatically generated and may be relatively straightforward to resolve. Responding early can prevent a simple issue from becoming a much larger problem.
✅ An IRS Notice Doesn’t Mean the IRS Is Right
Before paying a proposed assessment, understand exactly what the IRS is requesting and determine whether it has all the relevant information.
✅ Strong Recordkeeping Is One of Your Best Defenses
Business owners should be prepared to substantiate deductions, mileage, travel, and other expenses. Good documentation makes responding to an IRS inquiry significantly easier.
✅ Keep Business and Personal Expenses Separate
Clean, organized records make tax preparation easier and put taxpayers in a much stronger position if the IRS questions deductions or business expenses.
✅ If You Can’t Pay, You May Still Have Options
Owing more than you can afford doesn’t mean the situation is hopeless. Acting quickly, understanding the available resolution options, and staying current on new tax obligations are critical.
Links & Resources
🔹 Connect with Patricia Gentile
🔗 LinkedIn: Patricia Gentile
🌐 Website: New England Tax Relief
🎙 Podcast: ClIck here for her Podcast
🔹 Connect with Catherine Tindall
🔗 LinkedIn: Catherine Tindall
📩 Sign up for the Dominion Newsletter
Sign Up for the Newsletter
📧 Contact Catherine’s Team
admin@dominiones.com
