Did You Receive An IRS CP2000 Notice In South Carolina? Here’s What You Need To Know

In this article, you will discover:

• What an IRS CP2000 notice is and what you should do if you receive one.
• How to challenge an IRS CP2000 notice.
• What happens if you fail to act on a CP2000 notice.

What Is An IRS CP2000 Notice And Why Did I Receive One?

A CP2000 notice is the beginning of an audit by the IRS. It has to do with underreported or unreported income. It notifies you that income was reported to the IRS and that you failed to put this income on your tax return.

What Should I Do First If I Receive A CP2000 Notice?

You should carefully review the letter, as the IRS will specify the income that they believe you didn’t report on your tax return. Check to see if the IRS is correct. Perhaps you simply forgot to include it, or perhaps the IRS identified income that was not yours.

How Do I Respond To A CP2000 If I Agree With The IRS’s Findings?

If you discover that you forgot to include the income on your return, there will be a waiver you can sign to say that you agree with the IRS. If you sign that waiver and send it back, that will end the audit, and you will receive a bill for the amount due on the taxes.

How Do I Challenge The CP2000 Findings If I Disagree With Them?

In the CP2000 notice, there will be instructions about what to do if you disagree with the IRS’s findings. Return the letter and inform the IRS what you disagree with, why you disagree, and why you feel the omitted amount is not income. You should also provide some proof that you did not receive the income they claim you received.

How Long Do I Have To Respond To A CP2000 Notice?

The notice will give you 30 to 60 days to respond. Even if you don’t respond within that time, you still have another 60 to 90 days in which to contact the IRS. If you do nothing, the IRS will assess the tax against you and close their audit. You still have an appeal path called an audit reconsideration. With that, you can have the case reopened and looked at from your standpoint.

What Happens If I Don’t Respond At All To The CP2000?

After the time to respond and appeal has passed, the IRS will conclude the audit by accepting the auditor’s findings. Then, you will be charged and receive a bill for the tax owed. You will have to either pay the whole bill or set up a payment plan. If you ignore the bill, the IRS will take the money from your bank account or levy your wages.

Still Have Questions? Ready To Get Started?

For more information on IRS CP2000 notices in South Carolina, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.