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IRS Notice CP162 – We Charged You A Penalty

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Your business owes a balance due resulting from a penalty charged for failure to file Form 1065 or Form 1120S by the due date.

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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

  1. Your partnership or S Corporation filed its tax return after the due date or filed an incomplete return.
  2. 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

  1. Dispute the penalties
  2. Make arrangements to pay

Notice deadline: 21 days

If you miss the deadline: The IRS will charge interest from the date of this notice.

Want more help?

See your local tax pro for a free consultation.

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