I recieved a notice of deficiency CP3219A
Increase in tax (deficiency) $20k
Substantial tax understatement penalty $4k
December 2019 I switched employers and had a 401k loan. Both of my employers utilize Charles Schwab and the 401k was rolled over. During the pandimic with the Cares act I withdrew additional funds form the 401k.
I was understading all of this was covered in 2020 tax, however I recieved notice of deficiency CP3219A
Retirement Income was reported by "Retirement Services"
I am not sure where to start.
Do I refile 2020?
Can the 4k penalty get wavied?
Are there payment plans with the IRS?
Thank you
