The internal Revenue Service has always been able to match individual returns against information statements and propose under-reporter adjustments that come in the form of CP2000 notices. But things are changing, and a new era is upon us.
Now, the IRS is using information statements to find under-reporting on business returns. In September, the IRS started its first information return-matching program for business return Forms 1120, 1120S and 1065, matching the income to the amounts reported on all information returns.
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