IRS Letter CP162
Why are you receiving this letter?
You received IRS letter CP162 because you filed your S corporation or Partnership return late. Learn more about late filing penalties.
- You owe a balance and can pay it.
- You can pay online at www.irs.gov/payment.
- You would like to discuss this with someone not working for the IRS to understand what is going on and the options you have for removing the penalty.
- You have unfiled tax returns.
- You are unable to pay the penalty in full.
- You would like to negotiate the penalty.
What you should do?
Read your notice carefully. It explains how the IRS calculated the amount of the penalty.
If you disagree, call the IRS at the toll free number listed on the top right corner of your notice. Be prepared to show proof of timely filing the tax return including any extension. Sufficient proof should be your e-filing confirmation page or certified mailing receipt.
You may qualify for First Time Penalty Abatement if you do not have sufficient proof.
If you agree, you have a tax balance due and owing to the IRS.
What can you expect next?
IRS letter CP162 is considered a tax bill. The IRS asks that you pay the balance due in full. You do have options, but if the tax bill is left unpaid, the IRS may move forward with filing Federal Tax Liens and/or Tax Levies on your wages, bank accounts, state & federal tax refunds, etc.