SO YOU RECEIVED A CP 2000 NOTICE
FROM THE IRS…NOW WHAT?
Very often the Internal Revenue Service will send a CP2000 Notice, also called an “Under Reporter Inquiry”. It is very stressful to get “Love Letters” from the government but, Rossman Tax Service is here to help you.
Why did you get this Notice?
The Internal Revenue Service will send this notice if after reviewing your return they determine that you have left out some type of income from your tax return.
Is the Notice a Bill ?
No, the notice is a proposed bill and informs you about the information the Internal Revenue Service has received and shows you a proposed adjustment (change) which will include any interest and penalties.
How can Rossman Tax Help You?
1) If you receive a CP2000 Notice CALL US and then please either mail or fax us a copy right away.
2) We will review the Notice and ascertain if it is correct. If you are missing an income document we will ask if you can get us a copy of the document. If you can get the document the IRS references that will allow us to help you better and faster.
3) Depending on the type of income we will either try to amend (Correct) the return or we will tell you that you that you do owe the money.
4) Please keep in mind if changes are made to the federal return, the state will need to be amended as well as they will be notified by the IRS.
5) We can also try to abate the penalties.
What if I can’t pay right away?
If you do owe money and cannot pay, we can set up a payment agreement with government.
What will happen if I Ignore the Notice?
1) You will continue to get Notices from the Internal Revenue and eventually from the State. Finally you will receive a bill from the Government.
2) The proposed Balance will continue to grow as penalties and interest will continue to accrue on the outstanding balance. Even if the Balance is paid you will still owe the interest. We can try to abate the penalties however there is not abatement of interest.
How can I avoid this from happening?
When getting ready for your tax preparation, be sure that you have received all your income documents. This includes all W2 Forms, Retirement and IRA 1099 Forms, Social Security 1099SA Forms, Interest Income and Dividend Income Forms, Brokerage Statements and any K-1 Forms from any Corporation, Partnership, Estates or Trusts that you have an interest in.
Review your Last Years Returns to see what documents you had and then compare with the documents you receive this year.
AS ALWAYS IF YOU NEED US TO HELP…WE WILL BE THERE FOR YOU.
Have Questions? We can help.
If you need to make an appointment, please call our office at 631-473-2022.
Appointments cannot be made through the Contact Us form.