The Dreaded IRS Letter: Handling a CP2000 | Financial Symmetry Raleigh Financial Advisor

Every year there are approximately 140 million tax returns filed with the IRS and of those, 4 million will receive an IRS letter stating that there is a discrepancy. Your first instinct might be to panic, but don’t overreact.

Grayson Blazek joins us in this episode to help you understand the steps to take if you receive the dreaded CP2000. You’ll want to listen in not only if you have received a letter but also to learn what you can do to prevent receiving one in the first place.

A thorough CPA or Financial Advisor can help walk you through how to best handle the claims in the IRS letter.

Start with these steps:

1. Keep accurate and complete tax records, including W2’s, 1099’s, and investment documents.
2. Make sure you receive all the tax information before you submit your tax return. Be patient as you go through the filing process.
3. Check your records as they come through. Make sure the information looks accurate.
4. Include all of your income. Make sure you don’t underreport any income
5. Follow the instructions when you fill out the 1040 and fill it out completely and accurately.

If you still feel uncertain about handling the issue, reach out to a professional to assure you are completing accurately.

To hear actual examples, listen to the full episode here: https://wp.me/p6NrVS-3eL

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Disclaimer: Financial Symmetry is a Raleigh Financial Planner firm. The hosts and guests in this video do not render or offer to render personalized investment or tax advice. This is for informational purposes only and does not constitute individualized advice or a guarantee that you will achieve a desired result. You should consult with appropriate tax and financial advisors for advice specific to your situation.

#CP2000 #TaxReturn