CP 162B Missing Information on Form 1065 and Form 1120-S General Review Procedures

CP 162B was developed to inform a partnership or S corporation that a penalty is being assessed for missing or incomplete information in relation to Form 1065 or 1120-S. The following conditions in the table below will generate a CP 162B upon original assessment of the penalty:

MFT/Form

AND

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

PRN 723 present in cycle

MFT 06 (Form 1065 or 1065-B)

PRN 723 present in cycle with or without PRN 688

The penalty is assessed with Transaction Code (TC) 24X PRN 723.