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If you've received the CP2000 Notice from the IRS in the mail, you might be wondering what it is and what to do about it. The CP2000 Notice is the IRS' Notice of Underreported Income. Learn more about the CP2000 Notice and what to do if you receive a CP2000 Notice from the IRS in this video!

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Table of Contents:
0:00 It's Notice CP2000 Season!
1:21 What Is a CP2000 Notice and Why Does the IRS Send Notice CP2000?
3:00 Sample CP2000 Notice — Did Not Report Form 1099-NEC Income on Schedule C
3:57 Sample CP2000 Notice — Did Not Report Crypto Transactions Reported on Form 1099-B
4:41 A CP2000 Notice Is Not a Bill; It's an Opportunity!
5:46 Deductions for Unreported Form 1099-NEC Income
6:51 Basis in Crypto and Stock Transactions
8:06 IRS Notice CP2000 Proposed Amount Due
8:44 The Substantial Tax Understatement Penalty
9:45 Proposed Interest Amount
10:32 Should You Agree to the IRS' Proposed Assessment?
12:46 What Happens If You File an Amended Return in Response to a CP2000 Notice?
13:44 What Happens If You Don't Take Any Action in Response to the CP2000 Notice
14:55 IRS Tax Calculation
16:05 Explanation of Changes Section
16:12 What If the Income Isn't Yours?
17:15 What Happens If You Had Negative Taxable Income?
17:56 Changes to Child Tax Credit and Credit for Other Dependents
18:21 Self-Employment Tax Information
18:37 Changes to Earned Income Credit, Additional Child Tax Credit, and Premium Tax Credit
18:59 You Should Consider Filing an Amended State or Local Tax Return
20:28 Penalties Section
20:36 Interest Section
20:57 Additional Information
21:15 Is CP2000 an Audit?
22:30 Response Form
22:37 What You Should Do If You Received a CP2000 Notice
22:43 Step 1: Make Sure You Actually Earned the Income the IRS Says You Didn't
25:06 Step 2: For the Income You Did Earn, Hunt for Deductions
27:48 Step 3: Recalculate Your Tax Return As Though You Did It Correctly the First Time
28:34 Step 4: Figure Out What You Actually Owe the IRS
30:20 Step 5: Write and Submit Your Response to the IRS
30:33 CP2000 Response Letter Sample
34:43 What to Expect After You Submit Your CP2000 Response

#tax #taxes #irs

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