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Are you having tax problems? Are you concerned that your tax debt is unmanageable? Do you need a second opinion on what your options are for resolving your tax problems? If you are experiencing any of the events listed below, then schedule your free consultation to assess your alternatives. Our tax experts can help you with your tax problems. 

1. Received an IRS deficiency notice (ie., Notice of Underreported Income CP 2000) that specifies that the information you reported does not match what was reported to the IRS? Does the Deficiency Notice specify additional tax payments with penalties and interest included?

2. Received IRS notice requesting submission of evidence of the expenses claimed on your tax return?

3. Received IRS levy or wage garnishment notice? 

4. Received IRS notice that your tax return was missing information? 

If you answered yes to any of these situation, then consider calling us for a free consultation. From experience, we know that receiving a notice from the IRS can be intimidating and confusing.  Ignoring the notice does not make the problem go away.  Responding incorrectly to an IRS notice can also cause problems.  Let us help you defend your interest and resolve your IRS tax issues. Below are a few common questions and answers regarding a Notice of Underreported Income CP 2000 Notice:

Question: Why did I receive a Notice of Underreported Income CP 2000 Notice?

Answer: Generally, you receive a Notice of Underreported Income as a result of the IRS comparing information reported by employers, banks, businesses and other payers on Forms W-2, 1098, 1099-Misc, etc., with income and deductions that you reported on your income tax return. If you failed to report any income, payments, and/or credits on an income tax return, you will receive a Notice CP-2000. The notice provides you with proposed adjustments to income, payments, credits, and/or deductions.

Question: I had accidentally did not report a 1099-Misc and my business expenses were not accounted for - what do I do?

Answer: In all cases, the IRS reports 100% of the income associated with the 1099-Misc and does not deduct any expenses.  As such, the best alternative is to account for all your business related expenses that can be used to offset the income, thus reducing your tax liability. If you need help in determining what is deductible as reasonable business expenses, consider consulting a qualified tax preparer who understands your industry.

Question: How many days do I have to respond to a Notice CP-2000?

Answer: You have 30 days to respond to the Notice CP-2000 notice. If you do not have ample time to analyze the discrepancy, you should have qualified tax preparer file a power of attorney and respond of your behalf. This ensures that your interest are represented and that any issues will be resolved by the tax preparer.

Question: I owe the IRS and cannot afford to pay the full amount?

Answer: If you have an outstanding debt, liability with the IRS and are having financial difficulties with paying the lump sum, we can help you set up a payment plan. In setting up the payment plan, we will draft up a budget to assess what you can afford to pay without affecting your loved ones.

Question: I have not filed a previous year tax return and received a notice of non-filing - what must I do if I do not have any of the information to prepare or file my tax return?

Answer: If you received a notice of non-filing of your tax return for a specific year, then you should consider requesting a wage and income transcript. We can help you to obtain a wage and income transcript if you no longer have any of your financial records. The wage and income transcripts will identify the income and withholdings for the tax year at hand. However, the State withholdings will not be reflected in the transcripts. As such, you will be required to request the State withholdings with the tax authorities.