MAIL ADDRESSED TO YOU … RETURN ADDRESS: IRS
Know What to Do to Avoid Panic Attack
You may get a letter from the IRS, if not this year, perhaps some time in the future. When/if that happens, work hard not to get your exercise by jumping to conclusions. It does not mean that you are the object of an IRS audit.
It is likely that your letter is what’s called an IRS Notice CP 2000. While that may sound a bit intimidating … not to panic. The IRS sends this notice when information from a third party doesn’t match the information you reported on your tax return such as from an employer or financial institution. This discrepancy may cause an increase or decrease in your tax … or leave your tax bill unchanged.
That said, do not ignore the notice. There are specific steps for you to take to resolve whatever issue or issues are in question. Here’s a rundown on the basics. For more detail in writing click here or view this short video.
Notice CP 2000
- The notice is to see if you, the taxpayer, agrees or disagrees with the changes proposed by the IRS.
- You will have 30 days from the date printed on the notice to respond.
- If you need personal assistance, your CP 2000 Notice will provide a phone number for you to call. You will then be connected to a live person (not an automated response system) to understand the meaning of the notice and what you need to do to resolve any issues.
The IRS is persistent … here’s what happens if you don’t respond, or your response is unacceptable.
Notice CP3219A
- You will receive another notice if you don’t respond or if the IRS does not accept the additional information you provided.
- The notice will detail why the IRS proposes the tax change and the reasoning that went into determining the change.
- If you disagree, you have the right to challenge the decision in Tax Court. Whether you choose that remedy or not, the IRS will continue to cooperate in helping you resolve the issue.
Takeaways
OK. Hopefully, you agree there is no need to panic if you receive your CP 2000 Notice. So now you may choose to face the response on your own.
Alternatively, a time-saving and less stressful approach is to give us a call or drop an email to schedule a time to review the specifics of your unique situation and together develop an appropriate response.