IRC 965 CP Notices

The following notices were created for BMF IRC 965 processing:

CP 247A: Tax Assessed :Notification of the Requested Credit Elect/Refund Being Applied to Section 965 Tax Liability

CP 247B: Tax Assessed - Notification of Credit Elect/Refund Being Applied to Section 965 Tax Liability

CP 247C: Tax Assessed - Including Section 965 Tax Liability

CP 256: Annual Section 965(h) Installment Notice

CP notices 247A/B/C are notice and demand correspondence issued to notify the taxpayer of their IRC 965(h) tax liability.

When reviewing CP notices 247A/B/C research the account to ensure the TC 971 AC 114 amount and TC 766 CRN 263 were input correctly.

If correct, and the amount on the notice accurately reflects the information on the return and on the module, print the notice.

If the TC 971 AC 114 and/or the TC 766 CRN 263 were input incorrectly, follow IRM 3.14.2.6.5.4.1, IRC 965(h) Adjustment Procedures. If there is a remaining IRC 965 tax liability, print the notice.

If there was no IRC 965 inclusion and/or IRC 965(h) election made and the TC 971 AC 114 and/or the TC 766 CRN 263 were input in error, take to a lead to input the appropriate reversals in accordance with IRM 3.14.2.6.5.4.1, IRC 965(h) Adjustment Procedures, and void the notice.

When reviewing CP 256, research the account to ensure the TC 971 AC 114 amount and TC 76X CRN 263 transactions were input correctly. Use the table below to verify CP 256 account actions.

Research to ensure the following:

Ensure the non-965 tax and the 1st installment payment were paid by the due date of the 1st installment.

Ensure all subsequent installment payments were made by the due date of the installment and full paid the installment due.