Have you ever received an IRS CP2000 letter in the mail? Did you start breathing faster and you don’t know what to do? Before you panic, I will share with you some tips on how to handle IRS CP2000 notices.
Hello, this is Noel Dalmacio, your ultimate CPA at LowerMyTaxNow.
You usually get the CP2000 letter when your tax return does not match with the information the IRS has (like Forms W-2 and 1099). The letter basically proposes taxes and penalties for missing income on your return. The letter is not considered an audit but it’s very important that you respond in a timely manner.
Here are six tips that you can use when you receive the CP2000:
Now, to prevent this in the future, gather all your information before filing. You can also request your wage and income tax transcripts from the IRS so you can compare what information they received from third parties. However, please be aware that the wage and income transcripts don’t contain all your Forms W-2 and 1099 until late May.
So those are six tips that you can use when you receive the CP2000 letter.
Until then, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow.com.