What is the full form of ICR?
- on Jul 02, 2022
ICR stands for Information Collection Request.
|Full Form||Information Collection Request|
|Category||Governmental » Rules & Regulations|
What is ICR?
An Information Collection Request is a formal request from the IRS for specific information from a taxpayer. The request may be for tax return information, financial records, or other documentation.
The IRS may issue an ICR if they believe a taxpayer has not accurately reported their income or expenses. An ICR can also be issued if the IRS needs more information to process a tax return.
If you receive an ICR, you should respond as soon as possible. The IRS may take enforcement action if you do not respond to an ICR. Enforcement action can include levying fines or issuing a summons.
It is important to note that an ICR is not an audit. An audit is a more in-depth review of a taxpayer’s records. However, an ICR can lead to an audit if the IRS finds discrepancies in the information provided.