90-Day Letters financial definition of 90-Day Letters
90-Day Letter (redirected from 90-Day Letters)
A letter that the IRS
sends to a taxpayer
after an audit
. The letter states that the audit has found inconsistencies or other errors in the tax returns
and that the taxpayer will have to pay more unless he/she can show that the audit is in error. The letter derives its name from the fact that the taxpayer has 90 days to dispute the results of the audit before reassessment
References in periodicals archive
2010 ESTATE TAX RULES * OFFSHORE VOLUNTARY DISCLOSURE INITIATIVE * DUE DILIGENCE IN FILING EXTENSIONS * 90-DAY LETTERS
AND UNDELIVERABLE MAIL * IRS CORRESPONDENCE EXAMINATIONS
The preamble to the regulations lists the current designations of 30-day and 90-day letters
, but the listing of non-deficiency notices is far from complete.
The court also ruled the statute of limitations began to run when the limited partners received their respective 90-day letters
from the IRS, since this was the date the legal obligation to pay the tax claim began.