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Hello, my name is Lou Calixte, Welcome to our site.
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Article of the month
By: Lou Calixte, EA.
If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office.
The most popular letter or notice individual taxpayers receive from the IRS is the CP- 2000, Notice of Proposed Adjustment for Underpayment/Overpayment.
CP-2000 shows proposed changes to your income tax return. These proposed changes are usually based on a comparison of the income, payments, credits, and deductions reported on your tax return with information on these items reported by employers, banks, businesses, and other payers. The CP-2000 also reflects any corrections the IRS made to your original return when they processed it.
The CP-2000 is only a proposal that offers you an opportunity to disagree, partially agree, or agree with the proposed changes; no additional tax is due at that time. At that point, the IRS is only asking you to provide proof of income, deductions, and credits that have been claimed on the return. This is why it is imperative that you keep all your receipts for at least three years after the return is filled, which is generally the statutes of limitation on that return, provided that the IRS has not discovered that the return was fraudulently filed, at which point, the statutes of limitation does not exist, or the IRS has not discovered that the taxpayer has willfully underreported income by 25% or more at which time, the statutes of limitation is six years.
If you receive a CP-2000 from the IRS, don't panic; contact your tax preparer; he or she should, in almost all instances, be able to help you. If not, contact my office; 718-712-1112. It will be a pleasure to help you.
Remember, only a CPA, an attorney, or an Enrolled Agent like myself, can represent you before the IRS. Enrolled Agents are the only tax professionals that are tested and licensed by the IRS on tax laws. So if you need a tax expert on your side, call an Enrolled Agent.
Stay tuned for our next installment of, Understanding your IRS Notice.