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Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult.

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When my business partner and I found ourselves in a land investment that was abandoned by the developers, we had no reasonable economic choice but to walk away from our mortgage loan.  While we understood that there would likely be tax consequences, the magnitude of our exposure was not fully anticipated.  Thankfully, Mr. Bode was able to work with us to strategize a defensible tax position and mitigate the tax implications of our investment loan abandonment.  I would recommend that anyone facing an investment loss that has tax implications due to debt forgiveness give Gary a call.  It is always best to fully understand the circumstances and the tax rules and related options before paying a hefty bill.  Thanks Gary!

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C Corporation CPA discusses the IRS CP2030 Notice | IRS tax Form 1120, U.S. Corporation Income Tax Return | IRS tax audit

C Corporation CPA IRS Notice CP2030 Form 1120

IRS Notice CP2030 is the start of an IRS Correspondence Audit of your C Corporation’s Form 1120. If you’d like a free phone consult please call (910) 399-2705.

C Corporation CPAs usually see IRS Notice CP2030 when the company seeks a different CPA. I doubt the IRS issues many CP2030 notices. Notice CP2030 is the opening round of an IRS correspondence tax audit of your C Corporation’s Form 1120. While the lowest level of an IRS tax audit, correspondence audits still deserve due diligence.

IRS Notice CP2030 – “We are proposing changes in income, credits, and deductions reported on your U.S. Corporation Income Tax Return. We compared your information with items reported to us by banks, businesses and other payers.”

Step One – Verify

The IRS assumes Notice CP2030 is correct and your C Corporation’s CPA must prove them wrong. The C Corporation shouldn’t assume the IRS is correct. A recent TIGTA (Treasury Inspector General for Tax Administration) report states the IRS made penalty calculation errors in 51% of Correspondence Audits.

Step Two – Damage Control for IRS Notice CP2030

The initial scope of the IRS tax audit on Notice CP2030 is limited. Your C Corporation should take care not to expand the scope of the audit within the tax year listed on CP2030, and, keep IRS scrutiny away from other tax years. I take that philosophy a bit further to include future tax years of Form 1120. If there was a red flag on the audited tax return, I try to defuse that issue on later Form 1120s though better presentation, or other documentation and explanation.

Step Three – Prove Proof to the IRS

When responding to any IRS Notice I always think of Miss Randall, a grumpy High School teacher I had. I explain away each line of the Notice and offer clear, concise documentation; everything to help the IRS Agent make the “good pile” decision.

If you like what you read consider calling me for a free phone consult on IRS Notice CP2030 or any aspect of your C Corporation’s Form 1120. (910) 399-2705.

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