Note:

The penalty is abated systemically with TC 241/247 if changes post to the account that cause the system to compute a lower penalty or no penalty.

The following conditions in the table below upon assessment adjustment will generate a CP 162B:

MFT/Form

And

IRN 851

IRN 852

IRN 853

MFT 02 (Form 1120-S)

TC 29X or 30X input with PRN 723 to generate a TC 24X

Number of Shareholders

Number of Months

Missing Information Code (MIC)