If you forget to include income on your tax return that was reported to the IRS, you will get a Tempe AZ CP-2000 letter. Unless someone has stolen your Social Security number, the income items are generally correct. What is not taken into consideration are any deductions that can be matched against the income. A good example is a stock sale. Say for example you did not report a sale of Ford Stock for $15,000 you would get a CP-2000 with a tax bill of $3,000 plus interest and penalties if you are in a 20% tax bracket. But if you paid $20,000 originally for the Ford stock, you actually lost $5,000 and would be due a refund. Many CP-2000 notices are coming for forgiveness of debt issues on credit cards and foreclosed home.
If you received a CP-2000 Notice in Tempe AZ, call Scott Allen E.A. and get a professional opinion on what is your best option to minimize the liability and prevent the IRS from levying your bank accounts or garnishing your wages. Scott offers a free consultation and can be reached at 480-926-9300.
Arizona’s Premier IRS Tax Problem Service Advisor
Serving: Phoenix, Mesa, Tempe, Scottsdale, Chandler, Gilbert, Glendale, & Peoria Arizona