Silas Bamigbola
articles from Silas
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What To Do About CP259D Notice From the IRS
Published 10/01/2024 by Silas Bamigbola
The IRS CP259D Notice is sent to tax-exempt organizations to remind them of their obligation to file Form 990-T, Exempt Organization Business Income Tax Return. The notice informs the organization that the IRS has not yet received the required tax return. In most cases, the notice indicates that the organization must file a Form 990-T to report unrelated business income. Failure to file this return may result in penalties and potential loss of tax-exempt status.

CP259C Notice: What Is It and How Should you Respond?
Published 10/01/2024 by Silas Bamigbola
The CP259C IRS Notice informs taxpayers that they are required to file a specific business tax return for the period listed on the notice, but the IRS has no record of receiving it. This notice acts as a reminder to file the necessary returns or to provide a valid reason for not being required to file. Taxpayers who receive this notice should respond promptly by filing the required return or submitting the Response form if they believe they are not required to file.

How to Respond to CP259B Notice from the IRS
Published 10/01/2024 by Silas Bamigbola
The IRS issues CP259B notice when their records indicate that a private foundation or certain charitable trusts under Section 4947(a)(1) have not filed Form 990-PF. This form is crucial for reporting financials and activities of the foundation. Failure to file or respond could result in penalties or loss of tax-exempt status. The notice details the steps you must take to correct the issue, whether you are required to file or not.

IRS Notice CP259A: Why You Received It and How to Respond
Published 10/01/2024 by Silas Bamigbola
IRS Notice CP259A is issued to taxpayers who are required to file a business tax return but failed to do so by the deadline. The notice serves as a reminder and informs taxpayers that if they don’t act quickly, they may face penalties, interest, or even the IRS filing a substitute return on their behalf. This article will explain what CP259A is, how to respond, and ways to avoid these issues in the future.

What to Do About CP259 Notice From the IRS
Published 10/01/2024 by Silas Bamigbola
The IRS sends out CP259 Notices to business owners or entities that are required to file a tax return but have not done so. This notice is essentially a reminder or a warning that the IRS has no record of receiving your required return for the tax periods mentioned in the notice. The notice provides steps on how to file the return, what to do if you think you’re not required to file, and the consequences of failing to respond.

CP153 Notice: Why You Got It and How to Respond
Published 10/01/2024 by Silas Bamigbola
The CP153 notice is sent by the IRS when there is an overpayment on your business tax return. The notice indicates that the IRS could not issue your refund via direct deposit, so they will be mailing you a refund check. This notice primarily applies to corporations or businesses that have filed returns for prior tax years and are expecting a refund. The notice also outlines the timeframe for receiving the refund check and includes steps for resolving any issues if the check is not received on time.

CP231 Notice: How to Update Your Address with the IRS
Published 10/01/2024 by Silas Bamigbola
The CP231 Notice is sent by the IRS when your refund or credit payment is returned to them due to an outdated address. This notice requires you to update your contact information with the IRS so they can reissue your payment. Responding promptly to this notice helps avoid delays in receiving your refund or credit payment.

CP178 Notice: Understanding Your IRS Excise Tax Obligation
Published 10/01/2024 by Silas Bamigbola
The IRS CP178 Notice is a formal notification that you may need to file a final excise tax return, often Form 720, after four consecutive quarters of not owing any excise taxes. This notice suggests that you may no longer have excise tax obligations. The IRS provides specific instructions on filing a final Form 720 and how to notify them if excise taxes are no longer applicable to your business. This article will walk you through what the CP178 notice entails, what actions you should take, and how to handle this situation effectively.

CP166 Notice: What it Means When Your IRS Payment Fails
Published 10/01/2024 by Silas Bamigbola
The CP166 Notice is sent by the IRS when a taxpayer’s monthly installment payment is returned due to insufficient funds in their bank account. This notice informs the taxpayer that the IRS attempted to withdraw the payment, but there weren’t enough funds to complete the transaction. As a result, the taxpayer must take immediate action to avoid penalties, interest increases, or a default on their payment plan. This article explains the CP166 Notice in detail, including what steps to take, how to avoid future issues, and the potential consequences of failing to act promptly.

CP161 Notice: What it Means When the IRS Says You Owe
Published 10/01/2024 by Silas Bamigbola
The CP161 notice is sent by the IRS to inform taxpayers that they have an unpaid balance due. This notice outlines the specific amount owed, including any interest or penalties, and explains how the IRS calculated it. The taxpayer is expected to review the notice carefully, compare the figures with their tax return, and make a payment or set up payment arrangements if they cannot pay the full amount. Ignoring this notice can lead to further penalties and interest, so it’s essential to act promptly.
