Tax Year 2017 & LODI – IRS Notices

As predicted, FDNY members who had LODI in 2017 are receiving IRS notices.  Do not ignore the notice.  The IRS notice requests payment of tax for under reported income, interest, and penalties.  The notice is generated due to the income that is reported on the tax return does not match IRS records.  In order to resolve this issue, the taxpayer will need to respond to the IRS in writing and provide a copy of their corrected W2 form.  Occasionally, the notice may involve other issues, besides the corrected W2 issue, that do not match IRS records.

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