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
NOTICE CP160
IRS Notice CP160 is a reminder that you have past due taxes. It is typically sent to businesses that have not paid their Employer Business Taxes (EBT) for Form 941. EBT taxes include Social Security tax, Medicare tax, and federal income tax withheld from employees’ paychecks.
Reasons why it happened:There are a few reasons why you might receive an IRS Notice CP160:
- You may have forgotten to file Form 941 or pay the EBT taxes.
- You may have filed Form 941 incorrectly.
- You may have paid the EBT taxes, but the IRS did not receive the payment or it was credited to your account incorrectly.
- You may have been audited and the IRS determined that you owe additional EBT taxes.
If you receive an IRS Notice CP160, you should take the following steps:
- Review the notice carefully to understand how much you owe and the due date for payment.
- If you believe that you do not owe the taxes or that the amount is incorrect, you should contact the IRS immediately.
- If you are unable to pay the full amount of taxes due by the due date, you should contact the IRS to discuss payment options.
- Make sure to file Form 941 and pay the EBT taxes on time.
- File Form 941 electronically to avoid errors.
- Keep accurate records of all tax payments.
- If you have any questions about your tax obligations, contact the IRS for assistance.
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
Ask Mike
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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.Â
