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What is IRS Notice CP2000? What Should I Do if I Get One?

Posted by Brandon Keim | Oct 15, 2021 | 0 Comments

We can all make mistakes on our taxes. Under or overreporting your income can be easy to do if you have multiple income sources. Or you could simply make a mistake while calculating your income. If the IRS has differing information from the income you report on your tax return, you may receive a CP2000 Notice in the mail from the IRS.

What is a CP 2000 Notice from the IRS?

IRS Notice CP2000 is formally called the “Notice of Proposed Adjustment for Underpayment/Overpayment.” The IRS may issue this notice if the income or payment information they have on file differs from what you reported on your taxes. This discrepancy can result in an underpayment or overpayment of your taxes.

What Should You Do Next?

If you receive a CP2000 notice, the first thing you should do is read it carefully. You may need to pull out your tax return and income documentation and compare what you have and what the IRS notice states. If you agree with the IRS's changes, you can indicate that you do on the form and pay any amount you owe. If you agree but can't pay the full amount owed, you can contact the IRS to set up a payment plan. However, you may also owe interest and penalties.

If you don't agree with the IRS's adjustments, you should consult an experienced tax attorney as soon as possible. You will have 60 days from the date of the CP 2000 notice to let the IRS know that you disagree with their calculations. You and your attorney can determine the best response and figure out if you need to adjust your tax return or provide the IRS with additional documentation.

Hire a Skilled Tax Attorney

If you've received a CP2000 notice from the IRS notifying you of underreported income on your taxes, it's time to bring in a tax professional. Underreported income could end up with you paying significant interest and penalties. You need to hire a skilled tax attorney as soon as possible. If you need help, call Senior Partner, Tax Controversy Attorney, and former IRS attorney Brandon A. Keim at (602) 200-7399 or contact him online to discuss your options.

About the Author

Brandon Keim

A Certified Tax Law Specialist, CPA, partner at Frazer Ryan Goldberg & Arnold LLP, and former Senior IRS Trial Attorney, Brandon Keim holds an LL.M. in Taxation from Georgetown University Law Center.

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