True", hey there YouTube. So in this video, I wanted to talk about what happens when you receive an IRS CP 180 notice, right? So, CP 180 notice, short and simple, it's issued to you as a taxpayer if you file the tax return and you fail to include a required form or schedule that the IRS was able to pick up on based on other information you submitted. Okay, so most of these reviews do occur automatically. So when the return is paper filed or electronically filed, the system runs through the information that was submitted. It kind of cross-checks it against third-party information, and if they discover something that you missed, then they send you this notice. So, in this example, I have just one slide here, one example of where you might get a CP 180 notice. We have Jack here, he's a U.S citizen, and he's living and working in Miami, Florida. Now, Jack's in Miami and he decides to open a brokerage account and invest in some dividend-paying stocks, right? So during 2020, after he invested in all these stocks, he received $1,600 in U.S source dividend income, and then he also got $50 in interest income, right? Both of these income items were deposited into his brokerage account, and at the end of the year, the broker reported these amounts on the annual consolidated 1099, which a copy goes to Jack, and then a copy gets sent to the IRS, right? The broker has to report this information to the IRS. So at the end of the year, Jack prepared his own 1040 tax return and then on page one of the Form 1040, Jack entered the $1,600 of ordinary dividend income into line 3b, and then he put in $50 of taxable interest...
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