The “B Notice” Process and Penalties: The consequences for filing incorrect information with the IRS

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Presenter: Carol Kassem, Regulatory Expert

Filing your information returns at year-end may not always be the end of your reporting responsibilities for these records. Once your returns are processed by the IRS, you may be receiving subsequent notifications with respect to information that you filed incorrectly.  So, what are these notifications and what should you do with them?

In August, IRS begins issuing Penalty Notices 972CG. This Notice proposes to assess your organization penalties for information reporting failures with respect to any returns that you filed with the IRS. This Notice is specific to returns that you filed 2 years ago. Failure to respond to this Notice could result in a penalty of $270 per record.

In September, you may also be receiving a notice from the IRS (CP2100/CP2100A) that identifies certain accounts that were included in your most recent year-end filing for which the name/TIN information is incorrect or missing. Although this notice does not require a response to the IRS, you must still perform certain solicitations (“B Notices”) with respect to the information contained in the notice.

What are the differences in the Notices and what does IRS expect you to do once you have received them?  Which Notice do you address first? Can you simply ignore them?

This session will address the following questions:

  • What do these Notices look like?
  • What are the differences between a CP2100 Notice and a Penalty Notice?
  • Are we required to send out solicitations for certain accounts?
  • What if we just call our payees instead of sending the solicitation letter?
  • How frequently does the IRS send out these notices?
  • Are these Notices time sensitive?
  • What types of accounts are included in these Notices?
  • What do I do with the information contained in the Notices?
  • How do I perform solicitations?
  • What happens if I do nothing?
  • How do I know if a CP2100 or Penalty Notice has been issued?
  • …and much more!

If you receive these notices, timing is everything. Be prepared to perform the necessary steps to process this information to satisfy your compliance responsibilities.  Be sure to attend this session so that you are ready!

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