Getting a notice from the IRS saying you have to pay a penalty is never good news, but you shouldn’t panic if you receive the CP15B Notice. As long as you act quickly, you may be able to resolve the issue. Contacting an expert can also ensure you handle the notice correctly.
What Is the CP15B Notice from the IRS?
If you received IRS Notice CP15B, it means the IRS is charging you a Trust Fund Recovery Penalty (TFRP) for not paying your employment taxes. In most cases, the IRS doesn’t send you any notice before the CP15B, so if you receive it, you may not have been aware that you owed employment taxes.
The notice should indicate the dates the penalty will be collected, the amount due, and payment options. If you don’t respond to this notice, interest will continue to accrue on the amount due until the balance is paid—it’s not wise to ignore it.
What to Do if You Receive the CP15B Notice
After receiving the CP15B Notice, you should read it carefully to make sure you understand it, especially how much money is due. You can either:
1. Pay the balance due by agreeing to a payment plan with the IRS.
2. Dispute the notice.
If you want to contest the penalty, you’ll have to pay the amount equal to the withheld tax for one employee for each quarter the penalty was charged. You’ll also have to file a claim for a refund and post a bond with the IRS for one and a half times the balance owed.
If you need help dealing with the CP15B Notice, your best bet is to call a tax attorney.
A Maryland Reliable Tax Attorney Can Help
Trying to handle a CP15B Notice on your own can easily lead to mistakes. You don’t want to have to pay any more money than what you owe, but if you don’t follow IRS processes correctly, you could accrue a lot of interest. At Gabaie & Associates, we work with Maryland taxpayers in Baltimore, Columbia, Frederick, and Rockville. Call us today at (410) 358-1500 or fill out our contact form to see how we can help you with your tax issues.
