Tax Dictionary – Proposed Changes

IRS Definition

The CP2000 isn’t a bill, it’s a proposal to adjust your income, payments, credits, and/or deductions. The adjustment may result in additional tax owed or a refund of taxes paid.

The first page of the notice provides a summary of proposed changes to your tax, a phone number to call for assistance, and the steps you should take to respond.

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A CP2000 notice will list all the income reported to the IRS that does not appear to be included on your tax return. This usually results in an increase in income, so the IRS will propose additional taxes due and may also charge a penalty.

Sometimes your income and tax liability are correct, but the IRS thinks you didn’t report income simply because the income was reported on the wrong place on your tax return.

You can disagree with the IRS proposed changes. You may need to provide documents to support your case.

Learn how to address an IRS CP2000 notice.

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