CP2000
Business & Finance abbreviation · Tax
| Stands for | IRS Notice CP2000 (proposed adjustment to income tax return) |
|---|---|
| Categories | Business & Finance |
CP2000 stands for IRS Notice CP2000 (proposed adjustment to income tax return), a tax abbreviation.
Letter from the IRS Automated Underreporter program sent when income, payments or credits on a return do not match what employers, banks or brokers reported. It proposes changes, usually with a balance due, and the taxpayer can agree or dispute them.
Example: We got a CP2000 because I forgot to include a 1099-INT from my old bank.
Usage notes
Although it is not formally an audit or a bill, ignoring it leads to an assessment. The response deadline is printed on the notice, typically 30 days from its date. Frequent triggers are unreported freelance income and brokerage sales reported without cost basis, which makes the IRS treat the full proceeds as gain.
Related abbreviations
More tax abbreviations
- ACTC – Additional Child Tax Credit
- AGI – Adjusted gross income
- AMT – Alternative minimum tax
- AOTC – American Opportunity Tax Credit
- AY – Assessment year
- CGT – Capital gains tax
- CRS – Common Reporting Standard
- CTC – Child Tax Credit
- DAF – Donor-advised fund
- EA – Enrolled Agent
- EFTPS – Electronic Federal Tax Payment System
- EIN – Employer Identification Number