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Hey guys today I would like to talk to you about what a statutory notice of deficiency is. So a notice of deficiency which is also known as a statutory notice of deficiency, a SNOD, is a formal written document that the IRS sends to taxpayers when it concludes that they owe additional tax. The notice of deficiency serves two primary purposes. First, it notifies the taxpayer of an additional tax assessment. Second, it allows the taxpayer 90 days to challenge the assessment in tax court without having to first pay the proposed amount of tax. From the date the Notice of Deficiency is mailed, taxpayers have 90 days to either agree and pay the tax or to file a petition with the United States Tax Court to contest the deficiency amount. It is very important not to miss this deadline. If the deadline is missed, the tax court will likely not have jurisdiction to hear your case. You will still have other options to resolve your case, but you won't be able to litigate it in the United States tax court. If you have any questions regarding an IRS notice of deficiency and would like to consult with a licensed attorney, contact us today. Thank you.

Hey guys today I would like to talk to you about what a statutory notice of deficiency is. So a notice of deficiency which is also known as a statutory notice…