IRS CP2000: Proposed Underreported Income

A CP2000 proposes changes when information returns don’t match your tax return. Here’s how to review and respond.

1. Compare the IRS data to your records (brokerage 1099s, W-2s, 1099-Ks).
2. Confirm basis, wash sale and corporate action adjustments if securities are involved.
3. Respond by the due date; request more time if needed.

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