CP47C Notice: What Is It and How Should You Respond?
Summary:
The CP47C Notice is issued by the IRS when there is an issue related to your federal tax deposit (FTD) payments for a business or self-employment tax obligation. This notice may indicate that the IRS has not credited an FTD, that a payment was returned by your financial institution, or that other payment issues need to be resolved. Understanding why this notice was issued and taking the right steps to address it is crucial to avoid additional penalties, interest, or enforcement actions. In this article, we explain what the CP47C Notice entails, why it was sent to you, and what actions to take next.
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Receiving a notice from the IRS can be nerve-wracking, especially when it pertains to taxes owed or payment issues. The CP47C Notice informs businesses or self-employed individuals about a problem with their federal tax deposit (FTD) payments. Whether it’s a missing payment, a returned payment, or a payment processing error, resolving the matter swiftly is key to avoiding penalties and maintaining compliance with the IRS. In this article, we will explain the purpose of the CP47C Notice, the steps you should take if you receive one, and ways to prevent similar issues in the future.Get Competing Personal Loan Offers In Minutes
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Understanding the CP47C notice
The CP47C Notice is a letter sent by the IRS to notify taxpayers, typically businesses or self-employed individuals, of an issue related to their federal tax deposit payments. Here are some common reasons why this notice might be sent:
- Your federal tax deposit was not credited by the IRS.
- A payment was returned by your bank or financial institution.
- The IRS detected discrepancies between the amount reported and the amount paid.
- There was an error in processing the payment, such as an incorrect account number or payment date.
The notice serves as an official reminder from the IRS that corrective action is required. If the problem is not addressed, it may lead to additional fines, interest, or further IRS actions, such as tax liens or levies.
Pro Tip
Set up an IRS Electronic Federal Tax Payment System (EFTPS) account to monitor your tax payments and receive alerts for any discrepancies or failed transactions.
How the CP47C notice impacts your tax situation
The CP47C Notice can significantly affect your tax situation if left unresolved. It is important to understand the potential consequences and what they may mean for your business:
- Additional penalties: Failure to resolve federal tax deposit issues can lead to penalties for late payment or non-payment. These fines increase the longer the issue remains unaddressed.
- Interest accrual: If you owe additional tax because of an uncredited payment, interest will accumulate on the unpaid balance, increasing your total liability over time.
- Enforcement actions: Ignoring the notice may prompt the IRS to initiate enforcement actions, such as issuing tax liens, levying bank accounts, or garnishing wages.
Timely response to the notice can help avoid these negative consequences, ensuring that your account remains in good standing with the IRS.
Steps to take if you receive a CP47C notice
If you have received a CP47C Notice, taking immediate action is crucial. Here are the steps you should follow:
- Read the notice carefully: Understand why the CP47C Notice was issued, including the payment date, amount in question, and any errors the IRS noted.
- Check your payment records: Verify whether the payment was made on time, correctly applied, and was not returned by your bank. Compare your records with the details in the notice.
- Contact your bank: If the notice indicates that a payment was returned, reach out to your financial institution to find out why. Common issues include insufficient funds, incorrect account details, or other transaction problems.
- Make the payment, if necessary: If the issue cannot be resolved through your records or the bank, consider making the payment as soon as possible to avoid additional penalties. Use EFTPS for accuracy and tracking.
- Respond to the IRS: If you believe the notice was issued in error or have already corrected the issue, contact the IRS at the number provided on the notice. Explain the situation and provide any supporting documentation.
Pro Tip
Keep thorough records of all tax payments, including receipts and confirmation numbers, to quickly resolve any discrepancies with the IRS.
Common reasons for receiving a CP47C notice
There are several reasons why you might receive a CP47C Notice. Understanding the cause can help you take the right action to resolve the issue quickly.
Payment not credited by the IRS
Sometimes, federal tax deposit payments are not correctly credited due to processing delays or errors. This could be because of incorrect payment information, such as an inaccurate Employer Identification Number (EIN), payment date, or payment type.
Returned payment from your bank
If your financial institution returns a tax payment to the IRS, you may receive a CP47C Notice. This can happen due to insufficient funds, account closure, or other banking issues.
Discrepancies between reported and paid amounts
The IRS may send this notice if there is a difference between the tax amount reported on your return and the amount paid. This often occurs when payments are made in installments, and the total sum does not match the reported liability.
Errors in payment processing
Mistakes such as entering the wrong account number, misreporting the payment date, or using an incorrect payment method can result in an uncredited payment, triggering the CP47C Notice.
Responding to the CP47C notice effectively
Taking prompt and effective action when responding to a CP47C Notice can help resolve the issue before it escalates. Here’s how you can effectively respond:
Verify payment details
Double-check the payment information to ensure accuracy. Confirm the amount paid, date of payment, payment method, and associated tax year or quarter.
Provide documentation to the IRS
If you believe the notice was sent in error, send supporting documentation to the IRS. This can include bank statements, EFTPS payment confirmations, or any other evidence of the payment.
Resolve any banking issues
If the payment was returned by your bank, resolve the underlying issue and initiate a new payment. Consider contacting the IRS to inform them of the updated payment status.
Contact the IRS for assistance
If you need further help understanding the notice or resolving the issue, reach out to the IRS using the contact information provided in the CP47C Notice. You can also visit your local IRS office or consult with a tax professional for guidance.
Pro Tip
If you need additional time to resolve the payment issue, consider applying for an IRS payment plan to avoid further penalties.
Consequences of ignoring a CP47C notice
Ignoring a CP47C Notice can lead to severe consequences. Here’s what can happen if you do not take action:
- Increased penalties and interest: Fines will accumulate for non-payment or late payment, and interest will continue to grow on any outstanding balances.
- Enforcement actions: The IRS may begin enforcing collection actions, such as tax liens, levies on bank accounts, or wage garnishments.
- Legal complications: Continued non-compliance can result in further legal actions and negatively affect your credit score.
Pro Tip
For businesses with frequent tax deposit obligations, consider using a payroll service provider that can automatically manage your federal tax deposits and ensure compliance.
Maintaining compliance with federal tax deposits
To avoid receiving a CP47C Notice in the future, it’s essential to stay compliant with federal tax deposit requirements:
- Use EFTPS: The Electronic Federal Tax Payment System (EFTPS) is a secure and reliable way to ensure your payments are correctly applied.
- Double-check payment information: Verify the accuracy of all payment details, including your EIN, payment type, and amount before submitting.
- Keep records up-to-date: Regularly review your payment history and records to ensure there are no discrepancies or errors. Maintaining thorough and accurate records helps you quickly address any issues that may arise.
Tips for avoiding future CP47C notices
To further reduce the chances of encountering issues with your federal tax deposits, consider the following best practices:
Set up payment reminders
Use calendar reminders or a tax payment scheduling tool to ensure all payments are made on time. Timely payments reduce the risk of penalties and IRS notices.
Review your IRS account regularly
Create an online account with the IRS to monitor your tax records and payment history. This allows you to catch potential problems early and resolve them before they escalate.
Work with a tax professional
Consider hiring a tax advisor or accountant who can help you manage your federal tax deposits, ensuring all payments are made correctly and on time.
Stay informed about tax deposit requirements
Make sure you are aware of any changes in tax deposit requirements, such as updated deposit schedules, threshold amounts, or new IRS regulations. Staying informed helps you remain compliant.
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Frequently asked questions
What should I do if my bank returned my federal tax deposit?
If your federal tax deposit was returned by your bank, you should first contact the bank to understand the reason for the return (e.g., insufficient funds, account closure, etc.). Resolve the underlying issue and then make the payment as soon as possible. Inform the IRS about the situation and provide proof of payment to avoid further penalties.
Can I appeal the penalties associated with a CP47C notice?
Yes, you can request an abatement of penalties if you have reasonable cause. Common reasons may include unforeseen circumstances such as natural disasters, serious illness, or other situations beyond your control. Provide documentation to support your appeal when contacting the IRS.
How long do I have to respond to a CP47C notice?
While the CP47C Notice may not specify a strict deadline, it is best to respond as soon as possible to avoid penalties and interest. Ideally, respond within 30 days of receiving the notice to ensure timely resolution.
What happens if I cannot afford to pay the tax amount owed?
If you cannot pay the full amount immediately, you should still respond to the CP47C Notice and make arrangements with the IRS. Options include setting up an installment agreement, applying for an offer in compromise, or requesting a temporary delay in collection due to financial hardship.
Will receiving a CP47C notice affect my credit score?
The CP47C Notice itself does not directly impact your credit score. However, if the IRS initiates collection actions, such as filing a tax lien, it could negatively affect your credit. Responding promptly to resolve the notice can help you avoid this outcome.
Need help understanding other IRS letters and notices? Visit our comprehensive guide to IRS Letters and Notices or search for the document you received in the table below.
| CP01 | The IRS verified your claim of identity theft and will monitor your account. |
| CP01H | The IRS received a tax return with a social security number that belongs to a dead person. |
| CP02H | Money is due on an amended return based on a grant received due to Hurricane Katrina, Rita, or Wilma. |
| CP03C | You received the First-Time Homebuyer Credit for a house you purchased. |
| CP04 | You may be eligible for tax deferment because either you or a spouse served in a combat zone, a qualified contingency operation, or a hazardous duty station during the tax year specified on your notice. |
| CP08 | You may be entitled to additional money due to the Additional Child Tax Credit. |
| CP10 | Your tax return changed due to a miscalculation, and the refund you wanted to apply to an estimated tax payment has changed. |
| CP10A | Your tax return changed due to a miscalculation of the Earned Income Credit, and the refund you wanted to apply to an estimated tax payment has changed. |
| CP11 | You owe money because the IRS amended your return due to a miscalculation. |
| CP11A | Your tax return changed due to a miscalculation of the Earned Income Credit, and the refund you wanted to apply to an estimated tax payment also changed. |
| CP11M | Your tax return changed due to a miscalculation of the Making Work Pay and Government Retiree Credit, and the refund you wanted to apply to an estimated tax payment has changed. |
| CP12 | You are due a bigger refund because the IRS corrected one or more mistakes on your tax return. |
| CP12A | The IRS made changes to correct the Earned Income Credit (EIC) claimed on your tax return. |
| CP12E or CP12F | The IRS corrected a miscalculation on your return. |
| CP12M | The IRS made changes to the computation of the Making Work Pay and/or Government Retiree Credits on your return. |
| CP12R | The IRS made changes to the computation of the Rebate Recovery Credit on your return. |
| CP13 | The IRS made changes to your return due to a miscalculation. There is no refund or amount due. Your balance is zero. |
| CP13A | The IRS made changes to your return due to a miscalculation of the Earned Income Credit. There is no refund or amount due. Your balance is zero. |
| CP13M | The IRS made changes to your return due to a miscalculation of the Making Work Pay credit or the Government Retiree Credit. There is no refund or amount due. Your balance is zero. |
| CP13R | The IRS made changes to your return due to a miscalculation of the Recovery Rebate Credit. There is no refund or amount due. Your balance is zero. |
| CP14 | You owe money on unpaid taxes. |
| CP16 | The IRS made changes to your return due to a miscalculation. The refund you were due was applied to other tax debts. |
| CP21A | You owe money due to the changes you requested that the IRS make on your tax returns. |
| CP21B | You are due a refund due to the changes you requested that the IRS make on your tax returns. The money should arrive within 2 to 3 weeks. |
| CP21C | The IRS made the requested changes to your tax return. You will not receive a refund, and there is no tax due. Your balance is zero. |
| CP21E | As a result of your recent audit, the IRS made changes to your tax return, and you owe money as a result of those changes. |
| CP21I | The IRS made changes to your tax return relating to the Individual Retirement Arrangement (IRA) taxes. You owe money due to the changes. |
| CP22A | The IRS made the changes you requested, and you owe money as a result. |
| CP22E | As a result of your recent audit, the IRS changed your tax return, and you now owe money. |
| CP22I | The IRS made changes to your tax return relating to the Individual Retirement Arrangement (IRA) taxes. You owe money due to the changes. |
| CP23 | The IRS changed your return because there was a difference between the amount of estimated tax payments listed on your tax return and the amount actually posted to your account. You owe taxes due to these changes. |
| CP24 | The IRS changed your return because there was a difference between the amount of estimated tax payments listed on your tax return and the amount actually posted to your account. This resulted in an overpayment of estimated taxes. |
| CP24E | The IRS changed your return because there was a difference between the amount of estimated tax payments listed on your tax return and the amount actually posted to your account. This resulted in an overpayment of estimated taxes. |
| CP25 | The IRS changed your return because there was a difference between the amount of estimated tax payments listed on your tax return and the amount actually posted to your account. You are not due a refund, nor do you owe any money. Your balance is zero. |
| CP31 | You need to update your address because your refund check was returned to the IRS. |
| CP45 | The IRS was unable to apply your overpayment to your estimated tax as you requested. |
| CP49 | The IRS used all or part of your refund to pay a tax debt. |
| CP53 | Your refund check will be sent by mail because the IRS can’t provide your refund through direct deposit. |
| CP57 | The bank declined your payment, so the IRS was unable to draft funds from your bank account. |
| CP71 | A reminder of the amount you owe in tax, penalty, and interest. |
| CP71A | A reminder of the amount you owe in tax, penalty, and interest. |
| CP71C | A reminder of the amount you owe in tax, penalty, and interest. |
| CP71D | A reminder of the amount you owe in tax, penalty, and interest. |
| CP88 | The IRS is holding your refund because you haven't filed one or more tax returns, and it believes you will owe tax. |
| CP90 | The IRS is notifying you of its intent to levy certain assets for unpaid taxes. You have the right to dispute the levy in a Collection Due Process hearing. |
| CP91 | The IRS will levy up to 15% of your social security benefits for unpaid taxes. |
| CP120 | The IRS needs documentation of your tax-exempt status. |
| CP120A | Your organization’s tax-exempt status has been revoked because it failed to file a Form 990 series return for three consecutive years. |
| CP130 | You may no longer need to pay the Alternative Minimum Tax (AMT) because your tax return filing requirements changed. |
| CP152 | The IRS received your return. |
| CP153 | The IRS will send your refund by mail because your direct deposit did not go through. |
| CP161 | You have an unpaid balance due to the IRS. |
| CP166 | Your monthly payment to the IRS did not go through due to insufficient funds in your bank account. |
| CP178 | You may no longer owe excise tax because your tax return filing requirements changed. |
| CP231 | You need to update your address because your refund was returned to the IRS. |
| CP259 | You did not file the business tax return identified in the notice. |
| CP259A | You should have filed these forms but did not – Form 990/990-EZ, Return of Organization Exempt From Income Tax, or Form 990-N (e-Postcard). |
| CP259B | The IRS requires you to file these forms but did not – Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation. |
| CP259C | The IRS believes that you are a private foundation, but did not file the required Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation. |
| CP259D | You must file this form, but you did not – Form 990-T, Exempt Organization Business Income Tax Return. |
| CP259E | You should have filed this form, but you did not – Form 990-N (e-Postcard) or Form 990/990-EZ, Return of Organization Exempt From Income Tax. |
| CP259F | The IRS requires you to file this form but did not – Form 5227, Split-Interest Trust Information Return. |
| CP259G | The IRS requires you to file this form, but you didn’t – Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations. |
| CP259H | As a tax-exempt political organization, you must file this form, but you did not – Form 990/990-EZ, Return of Organization Exempt From Income Tax. |
| CP276A | You submitted your tax liability schedule incorrectly. The IRS typically charges a Federal Tax Deposit (FTD) penalty for this but did not this time. |
| CP276B | The IRS did not receive the correct amount of tax deposits. It normally charges a Federal Tax Deposit (FTD) penalty but did not this time. |
| CP297 | The IRS is notifying you of its intent to levy certain assets for unpaid taxes. You have the right to dispute the levy at a Collection Due Process hearing. |
| CP297A | The IRS has levied your assets for unpaid taxes. You have the right to dispute the levy at a Collection Due Process hearing. |
| CP298 | The IRS notifying you of its intent to levy up to 15% of your social security benefits for unpaid taxes. |
| CP501 | You have a balance due on one of your tax accounts. |
| CP503 | You have an unpaid balance on one of your accounts, and the IRS has not heard from you. |
| CP504 | You have an unpaid amount due on your account. If you do not pay immediately, the IRS will levy your state income tax refund to apply it to the amount you owe. |
| CP504B | You have an unpaid amount due on your account. If you do not pay immediately, the IRS will levy certain property or rights to property to apply it to the amount you owe. |
| CP521 | A reminder that you have an installment agreement payment due. |
| CP523 | You have defaulted on your payment agreement. Therefore the IRS is terminating the agreement and will levy your assets. |
| CP601 | Usted tiene un saldo pendiente de pago (dinero que le debe al IRS) en una de sus cuentas contributivas. |
| CP603 | No hemos recibido respuesta de parte de usted y todavía tiene un saldo sin pagar en una de sus cuentas contributivas. |
| CP604 | Usted tiene un saldo sin pagar en su cuenta. De no pagar esta cantidad inmediatemente, el IRS embargará cualquier reembolso de impuestos estatales al que tenga derecho y aplicarlo al pago de su deuda. |
| CP604B | Usted tiene un saldo sin pagar en su cuenta. De no pagar esta cantidad inmediatemente, el IRS embargará ciertas propiedades o derechos de propiedad y lo aplicará al pago de su deuda. |
| CP621 | Este aviso es para notificarle que usted tiene un plan de pagos a plazos vencido. Por favor, envíe el pago inmediatamente. |
| CP623 | Este aviso es para informarle nuestra intención de cancelar su plan de pagos a plazos y confiscar (embargar) sus bienes. Usted incumplió en su acuerdo. |
| CP711 | Nosotros realizamos cambios a su planilla debido a que entendemos que hubo un cálculo erróneo. Como resultado de estos cambios, usted adeuda dinero por sus contribuciones. |
| CP721 | Hicimos el(los) cambio(s) que usted solicitó a su declaración de impuestos para el año tributario que aparece en su aviso. Como resultado de éste(estos) cambio(s) usted debe dinero en sus impuestos. |
| CP722 | Hicimos el(los) cambio(s) que usted solicitó a su declaración de impuestos para el año tributario que aparece en su aviso. Como resultado de éste(estos) cambio(s) usted debe dinero en sus impuestos. |
| CP771 | Usted recibió este aviso para recordarle sobre la cantidad que adeuda en contribuciones, multas e intereses. |
| CP772 | Usted recibió este aviso para recordarle sobre la cantidad que adeuda en contribuciones, multas e intereses. |
| CP773 | Usted recibió este aviso para recordarle sobre la cantidad que adeuda en contribuciones, multas e intereses. |
| CP774 | Usted recibió este aviso para recordarle sobre la cantidad que adeuda en contribuciones, multas e intereses. |
| CP959 | Usted no radicó su planilla de contribución de negocios identificada en este aviso. |
| CP2000 | The income or payment information on file doesn’t match your tax return. The discrepancy may result in an increase or decrease in your tax due. |
| CP3219A | The IRS has received information that is different from what you reported on your tax return. This may result in an increase or decrease in your tax. |
| CP3219N | The IRS didn’t receive your tax return, so it calculated your return based on the information received from employers, financial institutions, and others. If you want to challenge the proposed tax, you have 90 days from the date of this notice. If you are outside the country, you have 150 days. |
| Letter 0012C | The IRS needs additional information to process your tax return. |
| Letter 0484C | The IRS wants a completed |
| Letter 0525 | Updates you on proposed changes after an IRS examination. Any changes are explained and details the refund due or taxes owed. |
| Letter 531 | IRS Notice of Deficiency. The information the IRS received about you was different from what you reported on your return. |
| Letter 0668D(LP 68) | The IRS released their levy. |
| Letter 0549C | Your tax bill was paid. |
| Letter 0681C | The IRS accepted your payment proposal. However, this is not a formal Installment Agreement. |
| Letter 0757C | You did not adhere to the terms of your Installment Agreement. |
| Letter LT 11 | The IRS plans to seize your property or rights to property. |
| Letter 1058 | The IRS has not received your payment. It plans to seize your property or rights to property. |
| Letter 1615 (LT 18) | You must respond to the IRS within 10 days of this notice regarding past due tax returns. |
| Letter 1737 (LT 27) | Complete and sign Form 433F, Collection Information Statement. |
| Letter 1961C | Your application for a Direct Debit Installment Agreement was declined. It explains why and what you need to do to qualify. |
| Letter 1962C | Your application for a |
| Letter 2050 (LT 16) | The IRS is trying to collect unpaid taxes from you from returns that have been filed or from returns that have not been filed. |
| Letter 2257C | The IRS is providing the payoff amount that you requested. |
| Letter 226-J | An IRS letter to large employers notifying them that they may be liable for an Employer Shared Responsibility Payment (ESRP). |
| Letter 2271C | A request for an Installment Agreement has been approved. It explains the fees and how to qualify for a Low Income Fee Reduction. The letter may also request missing information. |
| Letter 2272C | An IRS letter explaining why your request to pay the balance due in installments was declined. |
| Letter 2273C | A confirmation letter of your request to pay the balance due in installments. It contained the amount to pay, fees charged, and where to send payment. Instructions on how to apply for the Low Income Fee Reduction included. |
| Letter 2318C | A response to a request to pay taxes due to payroll deductions. It also explains the fees that are charged. |
| Letter 2357C | The IRS is admitting that it did not send you the balance due notices that it should have. |
| Letter 2603C | The IRS accepted your installment agreement. The IRS will file a Notice of Federal Tax Lien on your personal property. |
| Letter 2604C | The IRS has accepted your request for installment payments. This IRS letter provides the monthly payment, the address where to send it, and the fees charged. The letter also provides instructions on how to apply for the Low Income Fee Reduction. |
| Letter 2761C | The IRS is requesting your combat zone service dates to ensure that it provides you with the special provisions and protection of the combat zone deferment. Copies of military orders or other documentation to support your time served may be requested. Civilians working in support of the Armed Forces may be required to provide a Letter of Authorization or a letter from their employer. |
| Letter 2789C | An annual reminder notice, as required by law, of the balance due to the IRS. It explains that penalties and interest continue to accrue until the balance is fully paid. |
| Letter 2840C | Confirms your Installment Agreement request and includes the payment amount and due date. This IRS letter explains the fees charged for paying monthly and explains how to apply for the Low Income Fee Reduction (if you qualify). |
| Letter 3030C | Provides an explanation of the tax, penalty, and interest still due on your account. |
| Letter 3127C | A confirmation of your request to make a change to your Installment Agreement. This IRS letter explains the fees for the change. Changes can be to the payment amount or due date, or it can include additional liabilities. |
| Letter 3174 | A reminder of taxes due after the IRS has sent a Notice of Intent to Levy. |
| Letter 3217C | The IRS has accepted your request to pay the balance in installments. This IRS letter provides your payment amount, the due date, and fees charged. The letter also provides instructions on applying for the Low Income Fee Reduction (if you qualify). |
| Letter 3228 (LT 39) | A request to pay the balance due within 10 days using the envelope provided. |
| Letter 3500 | The IRS has received your documents, and it needs additional time to review them. |
| Letter 3572 | Your Federal Income Tax Return has been selected for examination. The IRS auditor requests that you call to schedule an audit appointment. |
| Letter 4883C | The IRS received your federal income tax return but needs more information to verify your identity in order to process your tax return accurately. |
| Letter 4903 (LT 26) | You must file your tax returns immediately. The IRS has previously contacted you, but it did not receive a response. |
| Letter LP 47 | The IRS is trying to locate the person identified in the letter and is requesting that you provide their new address. |
| Letter LP 59 | The IRS has not received a response to the notice of levy it previously sent. |
| Audit Letter 2205 | The IRS manages audits either by mail or through an in-person interview to review your records. The interview may be at an IRS office (office audit) or the taxpayer’s home, place of business, or accountant’s office (field audit). |
| Letter 915 | You recently underwent an audit, and the IRS informs you that you now owe taxes. |
Key takeaways
- The CP47C Notice is issued when there is an issue with your federal tax deposit payments.
- Common reasons include uncredited payments, returned payments, or discrepancies in the payment amount.
- Prompt action is necessary to avoid penalties, interest, and potential IRS enforcement actions.
- Maintaining accurate records, verifying payment details, and using EFTPS can help prevent future notices.
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