IRS Letter 2531 – Your Tax Return Doesn’t Match the Information We Have On File

The income reported on your Form 1120 does not match the income reported to the IRS by banks, businesses, and other payers. Compare the information on the notice with the information reported on the Form 1120.

View notice image

Type of Notice: Return accuracy

Most common tax problem area: Business audits

Other tax problem areas: Business penalties, Unpaid business taxes

Why you received IRS Letter 2531

  1. You filed a Form 1120 with the IRS.
  2. When processing the return, the IRS compared the income, credits and deductions reported on the return with information from third parties such as banks, businesses, and other payers. The IRS found a discrepancy between what was reported on the return and what was reported by third parties.
  3. The IRS sent Letter 2531 to inform you of the discrepancy. You do not need to file an amended return. The notice gives you 45 days to agree or disagree with the information reported by third parties.

Your options to address IRS Letter 2531

  1. Provide the documentation requested

Notice deadline: 45 days

If you miss the deadline: If the IRS hasn’t received a response within 45 days and the adjustment results in an increase in tax, the IRS will send another notice proposing additional taxes, penalties and interest.

Want more help?

See your local tax pro for a free consultation.

Related Topics

Related Resources

Tax Dictionary – Owe IRS

Get the facts about what happens when you owe the IRS and the payment options you may qualify for when you owe and can't pay.

IRS Letter 3503C – Failure to File/Failure to Pay Penalty Abatement Request

Learn more about IRS Letter 3503C, why you received the letter, and what it means for you with help from the tax experts at H&R Block.

IRS Notice CP13 – Changes to Your Form 1040

The IRS made changes to your return. Learn more about notice CP13 and how to handle an IRS CP13 notice with help from the tax experts at H&R Block.

IRS Letter 313C – Federal Tax Deposit Penalty Proposal

Learn more about letter 313C and how to handle an IRS failure to deposit penalty with help from the tax experts at H&R Block.