IRS Dispute Letter

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Question: IRS Disputes my 2005 tax return, now what?

I received a IRS envelope yesterday. (Oh joy!)

And they are disputing my return for 2005.

In the letter, they say I “may” owe them $7,000.

Can someone out there tell me what steps to take to get out of this mess?

Is this basically an audit and can I negotiate some type of payment

Should I represent myself or hire a good CPA/Tax Attorney?

Thanks in advance to all who can help me.

Answer: If you have received a CP2000 form then it will make you a little happier to know that about 64% of them are incorrect. You have to read the notice they sent you; or find somebody who is familiar with tax matters; and have them read it. The IRS does not hire mind readers and they only use the information they received. If the information is in error then the situation goes downhill from there. All errors can be corrected and problems worked out so don’t get an ulcer. Read it; or have it read and straighten out whatever has been screwed up.

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