Why You May Receive A CP2000 Notice and What You Should Know

Though it typically isn’t intentional, there are times when a taxpayer does not include income information on a tax return. This can happen due to the taxpayer having not received the tax information at the end of the year, records of income sources being improperly kept, or the taxpayer simply forgot about the income they received. When this occurs the IRS will most likely issue a CP2000 notice stating there was income information left off of a tax return that was filed. Should you find yourself in this situation, here are a few things you should know.

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California FTB Income Tax Audits

Trying to resolve a tax issue can be a very difficult and time consuming task. One of the more common reasons for a tax issue occurring is your personal income tax return being audited. By going through the audit process you may be able to avoid the assessment of tax or at least reduce the amount of the proposed assessment.

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The Information You Need To Prepare For An IRS Audit

The short answer to this question is all the information you have. However, if you’re asking yourself this question, you may really be asking whether the information you have is adequate enough to satisfy the IRS. This is a much tougher question to answer.

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Do I Have To Go To The Audit? Four Common Types Of IRS Audits

Receiving an IRS audit notice is never something you will look forward to but, not all audits are the same. Most people assume that being audited by the IRS means they will have to sit down with an examiner at an IRS office and go through their entire return line by line. This is typically not the case. In fact, you may not even be required to sit down with anyone at all. In this blog we will go over the four different types of audits and what each entails.

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How Does Your Tax Return Get Selected For An IRS Audit?

One of the most stressful tax related experiences is receiving a notice from the IRS stating that they want to examine your tax return. Now you’ll need to provide reasoning for why your return was prepared the way it was with supporting documentation for the deductions taken and income reported. The biggest question you may ask yourself upon receiving the notice is, “Why me?”

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Five Things You Should Know About IRS Audits and The Audit Process

Are you at risk for an IRS Audit?

There are generally four overarching audit triggers that lead to an IRS audit. Each major trigger will result in a different type of audit.  As a taxpayer, you should understand what the IRS is looking for, which will help you stay in compliance and significantly mitigate the chance of an IRS audit.

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