IRS Notice CP162 – We Charged You A Penalty
Your business owes a balance due resulting from a penalty charged for failure to file Form 1065 or Form 1120S by the due date.
Type of Notice: Account information or change
Most common tax problem area: Business penalties
Other tax problem areas: Unpaid business taxes
Why you received IRS Notice CP162
- Your partnership or S Corporation filed its tax return after the due date or filed an incomplete return.
- The IRS sent CP162 to notify you that penalties were assessed for failure to file a timely and/or complete tax return. A balance is now due. The notice may also include a penalty for failure to file the return electronically, which is required for partnerships of 100 partners or more.
Your options to address IRS Notice CP162
- Dispute the penalties
- Make arrangements to pay
Notice deadline: 21 days
If you miss the deadline: The IRS will charge interest from the date of this notice.
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