WHAT IS A CP2000 UNDERREPORTER INQUIRY

Tax Preparation, Tax Audits 

Three times a year the IRS matches up income, expenses, and credits on filed tax returns with information returns filed (i.e. Forms W-2, 1099, 1098, 5498, etc.).  If there is a discrepancy, the IRS can issue a CP2000 notice proposing additional taxes, penalties, and interest.

What do you need to know about CP2000 notices?

CP2000 notices are not audits.  However, just like audits, they propose additional tax, penalties, and interest based on taxpayer’s filed information statements (W-2s, 1099s, etc.) with the IRS.

CP2000 notices may include penalties.  The most common penalty is a 20% accuracy penalty.  Taxpayers can contest this penalty if they have cause- even if they agree to the added tax.

You can ask for a “do-over.”  If the taxpayer misses the deadline and the additional tax is assessed, they can ask for “CP2000 reconsideration” to undo the assessment.

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BACKGROUND ON CP2000 UNDERREPORTER INQUIRIES

How often does it happen?  In 2018, the IRS issued 3 million CP2000 notices to the 153 million taxpayers who filed an individual return.

How long does it take to resolve? 1- 6 months.  One complete and timely response in the right format will facilitate quick resolution.  The IRS can ask for additional time if they are backlogged with many CP2000 responses.

Most likely solution(s) for CP2000 notices

Response to disagree, in whole or in part, with the notice: A timely filed, complete CP2000 response to the IRS.  This response should include the taxpayer’s corrected tax return if the taxpayer is computing a new tax due.  This response should also dispute any penalties and request an IRS appeal should the IRS tax examiner disagree with the response.

Response to agree with the notice:  Response and payment to the IRS for the balance owed.

Other potential solutions to CP2000 notices

CP2000 reconsideration:  If a taxpayer missed the CP2000 deadline, they could request reconsideration by following CP2000 reconsideration procedures.

CP2000 appeal:  If the IRS disagrees with the CP2000 response and the taxpayer timely requested an appeal, the taxpayer can request an IRS appeals officer to review the disagreement.

Offer in compromise- doubt as to liability:   Taxpayers can request that the IRS formally reconsider the CP2000 through an Offer in compromise- doubt as to liability (Form 656-L).  This request is very similar to a CP2000 reconsideration request.

STEPS TO RESOLVE A CP2000 UNDERREPORTER

Here are the steps to follow when a taxpayer gets a CP2000 notice:

Review the CP2000 letter:   analyze the year and items that the IRS says were omitted.  Many times, taxpayers find that information statements were filed incorrectly or that someone was using their SSN for employment.

Gather your original tax return documents for the year in question:  gather the tax file for the CP2000 year in question.

Compare the missing information statements on the CP2000 to your version:  review the accuracy of IRS information returns reported on the CP2000.

Do your own matching: taxpayers may want to get their IRS wage and income transcript for the year and match the information statements to the return.  This reconciliation will identify any discrepancies.  Now you can gather other information to prepare a corrected return if needed.

If you disagree with the tax, prepare a corrected return and supporting schedules/documents:  the corrected return can be used with your response.  The corrected return will compute the correct tax and allow for deductions.

If you disagree with the penalty, prepare your position on why you disagree:  protest the penalties by providing the IRS reasons why you made a reasonable attempt to report all items correctly on the return.  Reliance on a tax pro and tax software, lack of information returns needed to file, and ignorance of the tax law are common arguments against the accuracy penalty.

If you agree with the adjustment, respond to the IRS with your agreement and payment method:   use the response form and, if a payment plan is needed, a Form 9465 to request an installment agreement.  Also, the taxpayer can make full payment with the response form agreeing to the assessment.

If you disagree in whole or in part, prepare your complete response and send to the IRS: respond using a cover letter explaining the disagreement(s), the CP2000 response form, documents that support your disagreement, and a copy of the original and corrected returns.  In this response, the taxpayer should always request an appeal if the IRS disagrees with the response.

Monitor notices for status, agreement, and assessment (if applicable):  the IRS is likely to request more time if they cannot reply to your response within 30 days.  IF there are more questions, the IRS can issue another CP2000.  If the IRS agrees, they will send an adjustment notice or a CP2005 no-change notice (whichever is applicable).  Taxpayers can also call the IRS to get a status update (be prepared for long wait times) if they do not hear from the IRS within 30 days.

Appeal any disagreement:  if the IRS disagrees with the response and the taxpayer timely appeals, the taxpayer can receive an appeal hearing to review their case.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

 

Advance Tax Relief is located in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

 

Advance Tax Relief is rated one of the best tax relief companies nationwide.

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WHAT YOU SHOULD KNOW WHEN YOU OWE BACK TAXES TO THE IRS

Advance Tax Relief helps a lot of taxpayers resolve their IRS back tax issues. Each year, about 1 out of every 6 individual clients files a tax return with a balance due.

Individual Income Taxation

There are more than 18 million individual and business taxpayers who owe money to the IRS.

Each year, about one out of every six individual clients (that’s more than 26 million taxpayers) files a tax return with a balance due. Many of those people can’t pay. They need advice and potentially an alternative to paying the entire balance at once.

1. File the return before the due date.

That a return should be filed may seem obvious to practitioners, but for many taxpayers who are going to owe, it’s tempting to ignore the problem and just not file. Remind them that not filing only makes matters worse because it can mean a very expensive failure-to-file penalty that can add up to 25% more to the balance.

Also, clients who request filing extensions aren’t immune to penalties. Remember to inform your clients that if they don’t pay 90% of the ultimate balance they owe with the extension, they’ll incur a failure-to-pay penalty.

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2. Get into an agreement with the IRS.

Clients should also be made aware that, depending on their circumstances, if they owe money to the IRS and don’t pay, the IRS can file a tax lien or issue a levy to collect the taxes. The only way your client can avoid these enforced collection actions is to get into an agreement with the IRS.

3. Starting in 2015, no agreement may mean no passport.

In late 2015, Congress passed a law that allows the U.S. State Department to revoke taxpayers’ passports or deny passports to those who owe more than $50,000 to the IRS and are not in an agreement to pay.

4. There are options. There are several types of IRS collection agreements.

The installment agreement is the most common payment arrangement. There are several kinds of those available, depending on your client’s situation. Your client can also get an extension of up to 120 days to pay the IRS, just by asking for it.

If your client is in a hardship situation (determined according to IRS standards), there are hardship agreements. These include deferring payment (called “currently not collectible” by the IRS), or the offer in compromise for extreme hardship situations, when the IRS will settle the tax debt for less than the taxpayer owes. For more, see “IRS Offers Collection Alternatives for Your Financially Distressed Clients.”

All of these options are viable agreements with the IRS, and clients will avoid levies and potentially passport problems. Depending on your client’s circumstances and on the type of agreement your client may enter into, the IRS may file a tax lien.

5. Taxpayers can request and receive most agreements on irs.gov.

In the past year, the IRS has made improvements to its online payment arrangement tool on irs.gov. In fact, in 2015, the tool was used four times more than in 2014. That’s largely because setting up the agreement with the tool was much quicker than waiting on IRS phone lines or waiting for a paper response from the IRS.

6. Some agreements come with a federal tax lien.

Extensions to pay and streamlined installment agreements are surefire ways to avoid a tax lien filing if your client acts proactively. However, if your client owes more than $50,000 (which is rare) or owes more than $10,000 and can’t pay within six years, the IRS will usually file a tax lien.

If your client does have a tax lien, once he or she pays off the balance, you can use lien-withdrawal procedures to help remove the tax lien from your client’s credit and public record.

7. The IRS has 10 years to collect.

If your client can’t pay the IRS before the 10-year statute to collect expires, the IRS usually writes off the remaining tax, interest, and penalties. For this reason, any agreement that doesn’t pay off the balance before the statute of limitation expires always requires taxpayers to file detailed financial statements and other documents with the IRS to prove that they can’t pay the IRS with assets and income.

8. Don’t forget to request penalty abatement toward the end of the installment agreement.

As clients finish paying in an installment agreement, many tax professionals forget to request penalty abatement for their clients for failure to pay penalties. These penalties accrue over the term of the installment agreement. If your client has a three-year clean compliance history before the year with the penalty, use first-time abatement to remove the penalties paid for one tax period. See “Know These Penalty Abatement Realities to Better Help Your Clients” for additional guidance on requesting penalty abatement.

9. Your client must file all required returns to get into an IRS agreement.

If your client needs a collection alternative, it’s essential that your client file all required tax returns for the past six years. If your client hasn’t filed any of these returns, your client won’t be able to get into an agreement with the IRS (other than the extension to pay). If you’re not sure whether your client has filed returns for the past six years, research your client’s history using IRS transcripts.

10. An offer in compromise (OIC) may be a possible solution in desperate times.

OICs are over-publicized, but they are a possible solution if your client can’t pay within the statute of limitation—based on IRS financial standards. The OIC pre-qualifier tool is a good resource to determine whether your client qualifies. You should completely evaluate your client’s circumstances to see if an OIC is a good option.

11. Your client should pay by direct debit to avoid default.

Missed payments result in additional fees to reinstate an installment agreement—and unpleasant letters from the IRS. Taxpayers who pay by check are three times more likely to default on their agreement.

Keep in mind that with direct debit installment agreements your clients won’t get a monthly letter reminder of how much they owe the IRS. Instead, the IRS will send only an annual statement of account activity, including the balance owed and accrued penalties and interest. Direct debit agreements also have a lower setup fee, $52, versus the $120 fee for payment by check.

12. Use the streamlined installment agreement to get the best terms.

The streamlined installment agreement usually comes with the best payment terms. Your client can make equal monthly payments for up to 72 months, for balances of up to $50,000.

If your client owes more than $50,000, advise your client to pay down the debt to below the $50,000 streamlined installment agreement threshold to get payment terms over 72 months. Otherwise, the IRS will determine the payment based on your client’s income and IRS-allowed expenses. That can yield a much higher payment than the streamlined agreement terms.

13. Avoid defaulting on the agreement.

If your client owes again and can’t pay, his or her current agreement will default. Your client will have to reinstate the agreement and pay a $50 reinstatement fee to the IRS.

Taxpayers often cause their agreements to default because they should have made estimated tax payments or need to increase their income withholding.

Also, if any additional amounts become due from other IRS compliance activity, such as an audit or underreporting inquiry, your client should pay those in full or request that the IRS add them to the existing agreement to avoid default.

14. Your client won’t get any refunds until he or she has paid the entire balance.

Clients often don’t understand this aspect of collection agreements, so be sure to give them a heads-up. Until your client pays the entire balance, the IRS will always take the refund.

15. The annual interest and penalty cost of an installment agreement is about 6%.

The IRS currently charges a 3% interest rate on underpayments. If your client gets into an installment agreement, the failure to pay penalty is 0.25% per month, or 3% per year. In essence, in addition to the initial setup fee, the cost of an installment agreement is 6% of the total balance owed per year.

Now, give your clients peace of mind

It’s common for taxpayers to file and owe. If you have a client who owes the IRS and can’t pay, that client will look to you for reassurance and expertise. These 15 essential IRS collection knowledge points will help you advise your client on what to do next.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

Advance Tax Relief is rated one of the best tax relief companies nationwide.

#FreshStartInitiative

#OfferInCompromise

#TaxPreparation

#TaxAttorneys

HOW TO SETTLE YOUR BACK TAX DEBTS - OFFER IN COMPROMISE

An OIC is an agreement between you and the IRS that lets you settle your liabilities for an amount lower than what you really owe. However, this is not something everyone can take advantage of, and there are certain criteria to be met in order to qualify for an OIC. The OIC should be considered only when all other payment options have been assessed and exhausted, which can require turning to a tax professional for assistance.

Who is Eligible?

The IRS will look at your assets, ability to pay, income, and expenses to determine whether you are eligible for an OIC. This will include verifiable information with regard to your investments, available credit, retirement plans, other assets, and cash. If you can demonstrate that you are unable to wholly fulfill your tax liability or show that doing so will lead to severe financial hardship, then the IRS might agree to an OIC. If you are involved in open bankruptcy proceedings, you are ineligible for an OIC.

NEED HELP WITH OFFER IN COMPROMISE, TAX SETTLEMENTS, TAX PREPARATION, AUDIT REPRESENTATION OR STOP WAGE GARNISHMENTS?

 

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Making an Offer

Before presenting your offer, it is important to file all your tax returns that are due or past due. You must also make all estimated tax payments for the current year. If you are a business owner and have employees, it is essential you pay all federal tax deposits for the current year before submitting your offer. Once you meet this criteria, you must come up with a realistic offer the IRS might look at favorably. The IRS usually applies a formula for this offer that is based on any leftover monthly income after your allowed expenses, plus any income available from your assets.

Keep in mind that failure to pay your OIC installments on time will be treated as a default which will remove you from the OIC program and require you to pay the remaining balance of the original tax debt. New tax problems, including penalties and interest recalculated from the date of the OIC agreement, will be assessed. The IRS is not likely to enter into a second settlement agreement with you.

Arriving at a Payment Schedule

Your initial payment will depend on the offer you make and the payment option you choose. There are two payment options to choose from, once you arrive at an OIC. 

Lump Sum: Here, you can submit a 20% down payment on the total offer amount along with the application. In this case, the IRS will send you a written confirmation if your offer is accepted. The rest of the amount will then have to be paid in five or fewer installments.

Monthly Payments: You can repay the IRS through monthly payments spread out over a period of up to 24 months, or monthly payments that extend up to the remaining statute of limitations of your tax debt. Here too, the initial payment has to be submitted along with the application. You must keep paying the monthly installments till the IRS arrives at a decision on your offer.

You might be exempted from making the initial payment or sending the application fee if you are eligible for a Low-Income Certification. You will not be required to pay monthly installments for the period your application is under consideration.

What Happens When the IRS Arrives at a Decision

Once you have submitted your offer, it can take months for the IRS to arrive at a decision. If you do not hear from the IRS within two years of the date the agency receives your offer, you can take it to mean that your offer has been accepted. When an offer is accepted, you will have to accede to the offer terms outlined. As with any tax debt, all refunds you expect to receive in the calendar year, will go toward your tax debt. Until you completely pay your debt in full, your federal tax lien will not be released. Also, remember that some of the information related to the offer terms may be available to the public for review. If your offer is rejected, you will have 30 days to appeal the IRS’ decision.

Other Ways of Settling Tax Debt With the IRS

In addition to an Offer in Compromise, there are some others to pay off your tax debt to the IRS. They include:

Partial Payment Installment Agreement: This is a recent option offered by the IRS. Under this, you can sign up for a long-term payment plan to pay off a reduced amount of your tax debt. This is an installment agreement and can help you negotiate the lowest possible monthly amount to pay your back taxes.

Other Types of Installment Agreements: Here, you can set up a monthly installment plan to pay off the IRS. There are two types of installment agreements; one is free and the other has a fee. With either option, you choose the amount of monthly payment as long as you can pay your tax debt within the timeframe. A long-term installment plan allows you to pay your taxes within six years, and has an associated fee based on how you choose to make your payments: by check, money order, direct debit, or other online payment methods. In a short-term installment plan, you must pay your tax debt within 120 days, and there are no fees to enter into this plan. If you are unable to pay your tax bill within the 120 days, you will have to apply for the long-term installment plan and pay the associated fees. In all cases, penalties and interest continues to accrue on the unpaid balance, and you will be billed for all remaining penalties and interest with your last tax payment. 

Filing for Bankruptcy: By doing this, you may be able to discharge some types of income tax debt with a Chapter 7 or Chapter 13 bankruptcy proceeding. However, the rules are strict and you should check to see if you qualify to write off your tax debt under this clause before actually filing for bankruptcy.

Not Currently Collectible: Under this program, the IRS voluntarily gives you a breather of about a year so you can get your finances in order. This can come in handy, particularly when there is an imminent IRS lien, levy, or seizure looming over you. Taxpayers in serious financial trouble and without sufficient monthly income to pay necessary living expenses may qualify for this program.

While there are no guarantees the IRS will accept any of these settlement offers, knowing your options when it comes to paying off tax debt can only serve to benefit you. Settling your tax debt can be confusing, and having a tax professional on hand can be a big help.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

 

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

 

Advance Tax Relief is rated one of the best tax relief companies nationwide.

#FreshStartInitiative

#OfferInCompromise

#TaxPreparation 

#TaxAttorneys

KNOW THIS POLICY BEFORE FILING YOUR BACK TAX RETURNS WITH THE IRS

Filing non-compliant taxpayers and their tax professionals commonly ask this question when filing back returns: how far back do I need to file?

If you are a taxpayer who is required to file a tax return but has not filed in a long time, you may want to stop and consider IRS Policy Statement 5-133.  IRS Policy Statements contain IRS internal standard operating procedures on how the IRS will work to administer the nation’s tax laws.

It is the taxpayer’s legal obligation to file an accurate tax return if they are required to do so.  Failing to file or filing an inaccurate return carries stiff penalties.  If it is intentional, the IRS can also pursue criminal penalties.  But when it comes to filing back returns, PS 5-133 may offer some relief to taxpayers.

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If a taxpayer has not filed in many years, PS 5-133 may dictate that the taxpayer needs only to file the previous six years to be in IRS compliance.   Taxpayers who try to go back to earlier years may want to check with the IRS first before filing.  The IRS may not want the earlier returns to consider you in compliance.  How do you know?  You ask the IRS.

There is one word of warning here:   PS 5-133 has several exceptions:

Override by a manager: an IRS manager may override PS 5-133 and request more returns if there are extenuating factors such as a prior history of noncompliance, illegal income sources, higher income and collectibility of the tax, and future compliance.  The most common red flags are Forms 1099-MISC for business income, large amounts of investments sold, and little withholding and estimated tax payments.  How do you know if there is an override?  You ask the IRS.

Business taxpayers: the IRS does not like to give businesses a pass on nonfiling.  They believe that it gives the nonfiling taxpayer a competitive advantage over other businesses.  As such, they like all businesses to file all required returns.   The IRS frequently requests the taxpayer to file overdue payroll tax returns and partnership returns past the six-year requirement.

Local nonfiler enforcement by IRS collections: the most likely scenario when the IRS deviates from PS 5-133 is when nonfiling is investigated by a local IRS person- called a Revenue Officer.  Revenue officers are likely to be assigned the most egregious nonfilers and collection cases and often perform in-depth investigations and request more years to be filed.  IRS notices indicate if a Revenue Officer is investigating the nonfiler.   The “RO” can be quick to get their manager to approve a deviation from PS 5-133.

There is not an IRS document, like an IRS transcript, that you can request to see how far back that you are required to file.   To find out you must ask.   In most cases, an experienced tax pro who has access to a special IRS practitioner hotline can find out best.  They can also obtain your account information and old W-2s/1099s to help with back filing.

Keep in mind, the IRS will always accept any back return that you file.   If you want to potentially limit your liability, penalties, and a lot of work in filing past the six-year requirement, find out how PS 5-133 applies to your circumstances.

Some tips for nonfilers – and late filers too

The IRS knows of at least 7.5 million nonfilers each year when it tracks W-2s, 1099s, and other information statements back to taxpayers.   Potentially, there are millions more who don’t get information statements.

Nonfiling is a serious issue that often can work the IRS up into a frenzy.  If the IRS determines that the nonfiler was intentional, they can pursue criminal penalties.  Al Capone was not convicted of filing a fraudulent return – he was convicted on nonfiling of a return.   Taxpayers who have not filed a required return should do so immediately.   Here are 8 tips that will help you file your back returns successfully and minimize the damage:

Apply IRS Policy Statement 5-133: As a general rule, the IRS only requires that you file the past six years returns (exceptions apply). Confirm that the IRS is looking for only six years of returns. Contact the IRS directly to confirm the required unfiled years.

Beware, the IRS may have already filed a return for you. When you don’t file a return, the IRS sends a series of notices over a three-year stretch requesting that you file. If you do not file, the IRS can file for you. This return is called a substitute for return (SFR).   The return always ends in you owing the IRS taxes, penalties, and interest.  However, you can file an original return to “replace” the SFR.  This return will come under increased scrutiny by the IRS and go through a special filing process that can take up to six months to complete.

Late returns often require special processing at the IRS. Each November, the IRS starts requesting many nonfilers about the status of their return. If the IRS selects the taxpayer for a delinquent return investigation, the taxpayer will usually have to file directly with the investigating unit at the IRS.

Order your IRS transcripts to help with filing. It is extremely important to prepare an accurate return that matches the income that the IRS has in its records. You can trace your income history and request your wage and income (Forms W-2, 1099, etc.) transcripts from the IRS. When preparing your return, make sure all income items on the transcript are reported accurately. Without this match, the IRS can question the accuracy of your return or even audit the return. IRS account transcripts can also help you track down any estimated tax payments that you can credit to any tax balances you owe.

Nonfiling penalties apply if you owe. There can be hefty penalties for filing late. Years with tax balances due will have penalties, such as the failure to file and failure to pay penalties. These penalties combined can accumulate, over time, up to 47.5% of the tax bill. Interest will also accrue on both the taxes owed and the penalties assessed.

Consider asking for penalty relief. If you have a good reason why you are not able to file on time, you can ask the IRS not to charge you failure to file or pay penalties on balance-due returns. You can also ask for first-time abatement for the first year if you qualify.

If you owe and can’t pay, set up a payment agreement with the IRS. Taxpayers who cannot afford to pay the balance will have to make arrangements with the IRS. There are several types of agreements, depending on what you need. If you don’t establish some type of payment plan with the IRS, IRS collection problems will follow.

Old refunds prohibited: The IRS doesn’t pay old refunds. You can only claim refunds for returns filed within three years of the due date of the return. For example, if you file a 2014 return after 4/15/2018, your refund will be lost.

Your first step is to commit to filing all required back returns and get into an agreement with the IRS on the balanced owed.  The next step is to contact the IRS and get your information and see how many back returns are required.  You will use this information to file an accurate return at the right location at the IRS.  You may also have to file State returns.  Lastly, weigh your options on any balance owed, including requesting abatement of penalties, and get into an agreement with the IRS that leaves you in good standing and sleeping better at night.

GET TAX RELIEF HELP TODAY

If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.

 

Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.

 

Advance Tax Relief is rated one of the best tax relief companies nationwide.

#FreshStartInitiative

#OfferInCompromise

#TaxPreparation 

#TaxAttorneys