In any case you underreported your income on your tax return then you have come to the right place. Here you will get a general idea of what to anticipate if you file a tax return with your income underreported. The IRS generates and sends a notice under CP2000 if it comes to know that you have underreported your income and there are inaccuracies in your filings. There are some specific sets of processes and procedures that you need to follow soon after getting the notice which includes sending a response to it not matter what.
In such case, the IRS starts with the collections process and then moves on to other things if the criteria are not met with properly. They will first send you a letter to inform you they found a discrepancy and that you may have unpaid taxes. After this, you can either dispute the discrepancy or make arrangements to pay the amount due.
Agree the Underreported Income on Your Tax Return
If you go on to agree the underreported income on your tax return then you start with settling the issue amicably. First and foremost you need to sign the response form. Both spouses must respond to the IRS on the response form if they filed the filing jointly. To say shortly, both must sign the form. Next step is to determine your plan to pay the new amount due. One can very well include it with your response, or you can pay it later.
Tax Relief Professional
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