NOTICE CP162

IRS Notice CP162 is a letter sent to partnerships and S corporations that have been assessed penalties for failing to file a timely and/or complete tax return, or for failing to file the return electronically when required to do so.

Here are some of the reasons why you might receive IRS Notice CP162:

• You filed your partnership or S corporation tax return after the due date.
• You filed your partnership or S corporation tax return incomplete.
• You failed to file your partnership or S corporation tax return electronically when required to do so. (This penalty applies to partnerships with 100 or more partners.)

If you receive IRS Notice CP162, you should review the notice carefully to understand the specific penalty that has been assessed. You should then take steps to pay the penalty and/or file an amended return to correct any errors on your original return.

If you agree with the penalty:

You can pay the penalty online, by mail, or by phone. If you pay by mail, be sure to mail your payment by the due date shown on the notice. If you pay by phone, you will need to have your bank account information ready.

If you disagree with the penalty:

You can call the IRS at the number listed on the notice to discuss the penalty. You may also be able to file a Penalty Abatement Request (Form 843) to request that the penalty be waived.

• File your partnership or S corporation tax return on time.
• File your partnership or S corporation tax return complete and accurate.
• File your partnership or S corporation tax electronically if required to do so.