RESPONDING TO YOUR IRS CP2000 NOTICE

Tax Debt Relief, CP2000 Notice, Tax Relief Help

An IRS CP2000 notice is issued by the IRS when they receive information from third parties that does not match the information you provided on your return. For example, the income you listed on your return might not match the income on your W-2 that was provided to the IRS by your employer.

The IRS issues a CP2000 notice to reflect the changes they propose to make to your return. The notice provides you with a brief summary of the changes, as well as for instructions on what to do if you disagree. One of the most common reasons that taxpayers receive an IRS CP2000 notice is because they omitted income information on their tax return, including omitted side income, rental income, or investment dividends.

Understanding Your CP2000 Notice

The IRS CP2000 is not a bill. In fact, the notice might even show that you’re entitled to a larger refund than you expected. However, the IRS might determine that you still have some owed taxes, and you’ll be given a deadline by which to pay them.

The IRS determines the changes that need to be made to your return by comparing all of the income, payments, credits, and deductions you reported on your tax return with items reported to the IRS by employers, banks, businesses, and other players. The IRS will then make corrections if both sets of data do not match.

The IRS CP2000 will give you an opportunity to examine the changes the IRS is proposing and to either dispute the proposed changes or agree with them.

How to Respond to a CP2000 Notice

Generally, it takes the IRS at least 12 months to review a tax return in conjunction with other information reported on behalf of the Taxpayer. Therefore, the CP2000 notice will usually be for a prior-year tax return.

Once you receive an IRS CP2000 notice, you will need to look at the proposed changes and respond before the due date that’s indicated on the notice. If you do not respond to the notice by the due date, the IRS will assess the balances they proposed and issue a final bill that reflects the changes.

You should always read and review all correspondence you receive from the IRS so that you are able to respond in a timely manner. The key to resolving the issue quickly is reading the notice and making sure a response is tendered by the due date on the notice.

Advance Tax Relief provides assistance to individuals struggling with unmanageable IRS tax burdens. To assess your tax situation and determine if you qualify for tax relief, contact us for a free consultation.

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