Received an IRS CP2000 notice? In this video, I walk through the newer version of the IRS CP2000 notice page by page and explain what it actually means, why the IRS sent it, and what you should do next.

A CP2000 is generally sent when the IRS believes the income reported on your tax return doesn’t match information it received from third parties such as employers, banks, payment processors, or other businesses that issued W-2s or 1099s.

One of the most important things to understand: a CP2000 is not a bill. The additional tax shown on the notice is still proposed at this stage.

I cover:

• Why the IRS sends CP2000 notices
• How the IRS Automated Underreporter (AUR) program works
• Why the amount the IRS says you owe may be wrong
• What to check before agreeing with the notice
• What to do if you disagree with the proposed changes
• How unreported business expenses or cost basis can dramatically change the calculation
• The substantial understatement penalty
• What happens if you don't respond by the deadline
• Why CP2000 cases can take a long time to resolve
• How we typically respond to these notices for clients

Do you owe the IRS or your state at least $10,000 in back taxes? Or do you have multiple years of tax returns you need to get filed? Book a free consultation here: https://choicetaxrelief.com/free-tax-...

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