Understanding the IRS Substitute for Return
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
LETTER 692
IRS Letter 692 is a notification from the Internal Revenue Service (IRS) that the agency has completed its examination of a taxpayer’s federal income tax return. The letter outlines the IRS’s proposed adjustments to the taxpayer’s return, as well as the taxpayer’s options for appealing the proposed adjustments.
Reasons why it happened:- Mathematical errors on the taxpayer’s return
- Inconsistent or incomplete information on the taxpayer’s return
- Unclaimed deductions or credits
- Suspected unreported income
Options for responding:
- Agree with the proposed adjustments. If the taxpayer agrees with the IRS’s proposed adjustments, they can sign and return the enclosed Form 870, Agreement and Consent to Assessment and Collection.
- Disagree with the proposed adjustments. If the taxpayer disagrees with the IRS’s proposed adjustments, they can request a conference with an IRS appeals officer. The appeals officer will review the taxpayer’s case and make a determination on the proposed adjustments.
- Do nothing. If the taxpayer does not respond to IRS Letter 692, the IRS will issue a Notice of Deficiency (NOD). The NOD is a legal document that states the amount of tax that the IRS believes the taxpayer owes.
Important Tip: Not sure where to begin? Try our Tax Relief Finder tool. It helps you find IRS programs and gives recommendations for the best solution. Learn about our - Tax Relief Program Finder
Important Tip: Understanding the Tax-Relief process is an essential resource for individuals dealing with tax debt. It offers a road map guide, simplifying the steps needed to resolve tax-related issues- Tax-Relief Process
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Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
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Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
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Disclaimer: This is educational content, not legal, accounting, or tax advice.
