B and P Notice season is upon us. In order to avoid penalties, it’s important you understand how the cycle works and how you can stay compliant. Review our B-Notice Process infographic to help your team understand the cycle and plan ahead.
- In January, you print and mail your 1099 forms.
- In March, you transmit these records to the IRS.
- In October, the IRS will send your business CP2100 notices.
- In November, you’ll collect responses, update the records, and start/stop backup withholding.
- In August (now!), the IRS will send 972CG notices to your businesses from previous years’ information returns. Based on these notices you’ve received, you are now in the throws of sending solicitations and responding to penalty notices.
Were you prepared this B-Notice Season?
In a recent webinar, Dealing With B & P Notices and Abatements, 31% of attendees said they sent over 1,000 W-9 solicitations to recipients last year. This can be a large, multifaceted and cumbersome process to manage, especially if you’re doing it in-house.
Knowing the B-Notice process can help your business plan ahead, manage workflows, and set expectations.
- Review our B-Notice Process infographic to help your team plan ahead.
- Watch our on-demand webinar, Dealing With B & P Notices and Abatements to learn best practices for managing the B and P notice process, proposed penalties, and abatements.
The post It’s B and P Notice Season: Do You Have a Streamlined Process? 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 -