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Submitted by: Angelia Sampson
If the paperwork that you gave to the IRS does not correlate with the information reported to them by any company or institution that paid you for that tax year (like your current/past place of employment or banking institution) you are sent an IRS Notice CP 2000 by default. No matter what the reason for CP2000’s issuance, it is at this point up to you to resolve your tax debt problems before they lead to harsh IRS consequences.
We Are Proposing Changes to Your IRS Tax Return” Unraveled
The IRS mails out the IRS Notice CP-2000 automatically when information in the tax return does match information from other sources, this notice informs you that Modifications may be made to your IRS tax return that will cause you to owe money the IRS in the not so distant future. IRS Notice CP 2000 then shows what modifications could be made, and what you can do if you agree or disagree with the recommendations made by the IRS.
The Reasons for Getting an IRS Notice CP 2000
The IRS Notice CP 2000 is made to list the suggested adjustments to your IRS Tax Return based on an analysis of the income, payments, credits, and deductions reported on your tax return and the information issued to them by other institutions that have paid you. All of the knowledge you can use should be included in the IRS Notice CP 2000, but if not a different notice listing the adjustments made to your IRS tax return should be included.
Is The IRS Notice CP 2000 an IRS Invoice or Some Kind of Bill?
The CP 2000 IRS notice is not an invoice; instead the IRS is using it to ask you to support the income, credits, and deductions you submitted on your IRS tax return due to it not being the same as the information received from your other sources. In fact, if you are fortunate, the adjustments requested in IRS Notice CP-2000 can change your particular circumstance for the better by decreasing the amount you owe the IRS in tax debt. The CP-2000 is simply a suggestion that gives you a time to kind of disagree, kind of partially agree, or disagree with the changes proposed by the IRS. The IRS has not charged additional taxes at the time they mail you the IRS Notice CP 2000.
Getting a Resolution For an IRS Notice CP 2000
Compare the “Show on Return” and “Reported to the IRS”/”Proposed by the IRS” sections contained in IRS Notice CP2000 to arrive with the following data:
The IRS wants to be aware if you received the income, and if you received it they would like to know if it was submitted with your IRS tax return.
If the funds were omitted from your return, was it an honest mistake?
What sort of proof have you got disproving the difference?
The IRS would like to have less work in the long run, so just select box “A” if the income you didn’t report was a simple mistake and do not bother filing an amended IRS tax return. However, if you don’t agree with the IRS you may need to seek out a professional to make a case against the IRS.
More CP-2000 Help
The IRS will not go easy on you. Even though it can take you weeks to find all the files and papers needed to make a case they want you to respond to the CP2000 by the due date in the notice. If you don’t answer quickly, they will just think the requested changes are appropriate and proceed to process the info! Doing business with an experienced tax relief specialist or a tax resolution business will be very helpful in getting the answers you need before the deadline day.
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