What action should be taken if a squadron receives an IRS notification about reporting income?

The most appropriate action to take upon receiving an IRS notification about reporting income is to contact a financial advisor for guidance. Consulting a financial advisor ensures that the squadron receives professional advice tailored to their specific situation, which is crucial when dealing with tax matters and potential implications of IRS notifications.

A financial advisor can provide insights into the appropriate steps to take regarding income reporting, help interpret the notice, and offer strategies for compliance with IRS regulations. This guidance is especially important as the nuances of tax law can be complex, and having expert assistance can help prevent potential issues down the line.

Taking immediate action by responding with financial records may not be the best first step, as the situation should be fully understood before making any submissions to the IRS. Filing the notice for future reference could lead to issues if the squadron does not take proactive steps to address the notification. Assuming no action is required because the income is under a specific threshold is also risky, as it is essential to verify the details in the IRS notification and ensure compliance, regardless of income amount.