CP 162A Failure to File Form 1065, Form 1066 or Form 1120-S General Review Procedures

CP 162A was developed to inform taxpayers that a penalty has been assessed for failure to timely file a tax return for Form 1065, U.S. Return of Partnership Income, Form 1066 U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return and Form 1120-S Income Tax Return for an S Corporation. See the table below for the following conditions upon posting of an original assessment which generate a CP 162A:

MFT (Form)

With original account posing of:

MFT 02 & TC 150 doc code = 16 (Form 1120-S)

TC 24X with PRN 722 posted in cycle

MFT 06 (Form 1065 or 1065-B)

TC 24X with PRN 722 posted in cycle with or without PRN 688

MFT 07 (Form 1066)

TC 24X with PRN 722 posted in cycle

See the table below for conditions which upon assessment adjustment will generate a CP 162A:

MFT

And

IRN 851

IRN 852

MFT 02 (Form 1120-S)

TC 29X or 30X input with PRN 722 to generate a TC 24X

Number of Shareholders

Number of Months

MFT 06

TC 29X or 30X input with PRN 722 to generate a TC 24X

Number of Partners

Number of Months

MFT 07

TC 29X or 30X input with PRN 722 to generate a TC 24X

Number of Residual Interest Holders

Number of Months