IRS Issues Alert on Underreported Income Notices Sent With Incorrect Interest Figures

Taxpayers who received underreporting notices from the Internal Revenue Service during the first two weeks of July should expect to receive additional news on the interest amount on their proposed taxes, IRS said in a July 12 news alert.

CP2000 notices mailed the weeks of July 1 and July 8 contained a calculation error resulting in a lower interest figure on the proposed taxes of underreported income, IRS said.

A CP2000 notice shows proposed changes to income tax returns based on a comparison of the income, payments, credits and deductions reported on a tax return with information reported by ...