NOTICE CP515B

Notice CP515B is sent by the Internal Revenue Service (IRS) to taxpayers who have not filed their business tax return by the due date. The notice requests that the taxpayer file the return immediately and complete a response form to indicate whether they’ve already filed the return or why they don’t believe they have to file one.

There are a few reasons why a taxpayer might receive Notice CP515B:

• Failure to file: The taxpayer forgot to file their tax return by the due date.
• Extension filed but return not filed: The taxpayer filed an extension for their tax return, but did not file the return by the extended due date.
• IRS determination of tax liability: The IRS has determined that the taxpayer’s business owes taxes, even if the taxpayer has not filed a return.
• Non-receipt of return by IRS: The taxpayer filed a return, but the IRS did not receive it.
• Incomplete or inaccurate return: The taxpayer filed a return, but it was incomplete or inaccurate.

• If you receive Notice CP515B, you should take action immediately. The most important thing is to file your tax return as soon as possible, even if you cannot pay the full amount of tax you owe. You can also complete Form 15103, Form 1040 Return Delinquency, to explain why you are filing late or why you do not believe you have to file a return.
• If you cannot afford to pay your tax bill in full, you may be able to set up a payment plan with the IRS. You can also apply for a penalty waiver or reduction.

Additional tips

• Respond to the notice promptly: The IRS has a set time frame for responding to Notice CP515B. If you do not respond by the deadline, the IRS may assess penalties and interest.
• Gather your records: Before you file your tax return, gather all of the necessary records and documentation. This will help you to file a complete and accurate return.
• Seek professional help: If you need help filing your tax return or understanding your tax liability, consider seeking professional help from a tax professional.

• To avoid receiving Notice CP515B in the future, make sure to file your business tax return on time and accurately. If you need help filing your return, consider seeking professional help from a tax professional.