The IRS has started sending CP2100 and 972CG notices to organizations. These notices, commonly referred to as B and P notices respectively, contain incorrect name/taxpayer identification number combinations from previous years’ information returns. The landscape of B and P notices is multifaceted and managing this process to stay compliant can be arduous. Is your organization ready to manage the B and P notice process?
In a recent webinar, Dealing With B & P Notices and Abatements, Sovos covered topics including: managing the B and P notice process, proposed penalties, abatements and best practices.
How does your business compare to those who attended the webinar?
- 31% of attendees sent over 1,000 W-9 solicitations to recipients last year.
- 8% paid over $100,000 in fines derived from B and P notices, an indication that improvement in the W9 solicitation process is needed since significant fines are still being incurred.
- 79% are managing this process in-house, potentially costing their business a significant amount of time and money to manage a process that could be outsourced. Outsourcing the B and P notice process can help business leaders refocus on growing their company — instead of managing a complex tax process.
Watch our webinar replay, Dealing With B & P Notices and Abatements, to learn how your organization can manage the B and P notice process more effectively.
The post Is Your Organization Prepared for B and P Notice Season? appeared first on Sovos Compliance.
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Sovos is a leader in global tax, compliance and business-to-government reporting software, safeguarding businesses from the burden and risk of compliance in thousands of tax jurisdictions around the world.More Content by Sovos Compliance