LETTER 692

IRS Letter 692 is a notification from the Internal Revenue Service (IRS) that proposes changes to a taxpayer’s tax return. The letter is typically issued after an IRS audit.

The letter will include a detailed explanation of the proposed changes, as well as the amount of additional tax that the taxpayer may owe. The taxpayer will have the opportunity to agree or disagree with the proposed changes.

• Mathematical errors on the tax return
• Unreported income
• Improper deductions or credits
• Disallowed business expenses

• If you receive IRS Letter 692, you should carefully review the proposed changes. If you agree with the changes, you can sign and return the enclosed agreement form. If you disagree with the changes, you can request an appeal.
• To request an appeal, you must submit a written protest to the IRS within 30 days of the date of the letter. The protest should include a detailed explanation of why you disagree with the proposed changes.
• If you are unable to pay the additional tax that is owed, you may be able to request a payment plan. To request a payment plan, you must contact the IRS and discuss your options.

• The best way to avoid IRS Letter 692 is to file accurate tax returns. You can help ensure that your tax returns are accurate by keeping careful records of your income and expenses. You should also consult with a tax advisor if you have any questions about how to properly report income or expenses on your tax return.