In the last five years, our staff have resolved more than 1,000 CP2000 notice cases for taxpayers just like you.
Approximately 75% of those taxpayers saw their stated balances due either reduced significantly, or eliminated altogether—and, in more than a few cases, taxpayers who had received CP2000 notices wound up getting refunds! Click here for some unsolicited comments from our former clients.
Our principal holds a designation, enrolled agent, granted by the IRS, authorizing us to represent you before the IRS. only EAs, CPAs, and attorneys have this privilege.
(c) OnlyWhatYouOwe 2009
Our Process
Step one:
Fax us your notice (both sides of the page, please!) and tax return. Please also send your W-2(s), forms 1098 and 1099 (1099-B, 1099-R, 1099-G, 1099-INT, 1099-DIV, and 1099-MISC), and schedules K-1.
Concerned about revealing your personal information? We understand. In fact, you need not tell us your full name, the first time you contact us. And, if you like, you can photocopy documents, and black out your name, Social Security number, and street address, before you fax it to us. (Hint: the primary taxpayer’s Social Security number appears at the top of each page of your CP2000 notice; your name and Social Security number appear atop each page of your tax return. And your Social Security number(s) may also appear inside each of the boxes for the individual CP2000 items.) For starters, all we need is your notice, your documents, and a way to contact you, either by telephone or email.
Click here for our privacy policy
Don’t have a copy of your tax return? click here
Did your state issue your notice, not the IRS? Click here
Step two:
We compare your tax return, the notice, and your income and deduction documents. Did you really omit income, or overstate deductions? (If you have omitted securities sales--stocks, bonds, mutual funds--from your return, please send us the cost basis and purchase date for each transaction.)
Our fee for this evaluation is just $195, with no obligation to pay us anything more.
Step three:
We report our conclusions to you. If you owe as much as the notice states, we’ll tell you. If not, we’ll tell you how much we intend to reduce the balance due, and give you a quotation and terms for our services.
Step four:
If you decide you want us to represent you, we issue you a Power of Attorney for your signature. The IRS requires this. IRS limited Power of Attorney authorizes us only to represent you for income tax—nothing else! It doesn’t give us any right, or way, to make any changes or transactions in your bank or securities accounts, your will, your trust, or anything else.
Once you return the signed Power of Attorney, you never have to meet with, talk to, or write the IRS yourself. (We don’t even want you to!) We handle all communications with them.
We also send you an Engagement Letter, spelling out our mutual rights and responsibilities, for your signature(s).
Step five:
We prepare a corrected tax return (supporting the smallest possible balance due, or largest possible refund), write an explanatory cover letter, and fax them to the IRS. (Of course, if your return was correct as filed, no corrected tax return is necessary.)
Step six:
We wait for the IRS to respond—usually, in two-three months. If you get another letter from them, you let us know immediately. We do the same for you.
Step seven:
If you and we accept the IRS response, your case is settled. If not, depending on circumstances, we contact them again.
Step eight:
We stay with you until we both are satisfied with the outcome--no matter how many phone calls, letters, and faxes to the IRS it takes.
Step nine:
If you still owe a large sum, you can apply for an installment agreement (usually, a 60-month payment plan). If it’s too much even to make time payments, you can make an Offer in Compromise—that’s the “pennies on the dollar” spiel you’ve heard about. You can do this yourself; hire someone else to help you; or retain us. Additional fees will apply, and the IRS also charges for processing Offers in Compromise.
Step ten:
Do you live, work, or do business in a state with state income tax? If so, will the IRS case also change your state income tax liability? We’ll tell you if you need to file an amended state income tax return. If you do, you can do it yourself, or hire another tax professional. (We can prepare only California amended returns. )
Questions? Send us an email at info@onlywhatyouowe.com