IRS Form 5500-EZ – One-Participant Retirement Plan Return
What Is IRS Form 5500-EZ? IRS Form 5500-EZ is an annual information return used to report certain one-participant retirement plans, such as solo 401(k) plans and other owner-only plans. It provides the IRS with details about plan assets, contributions, and compliance. This form applies to plans that cover only the business owner (and spouse, if […]
IRS CP23 Notice – Changes to Your Tax Return
What Is IRS Notice CP23? IRS Notice CP23 is sent when the IRS made changes to your tax return and needs to notify you of the adjustment. The notice explains what was changed and how it affected your tax account, which may result in a balance due, reduced refund, or account update. CP23 is informational […]
IRS CP39 Notice – Refund Offset for Past-Due Child Support
What Is IRS Notice CP39? IRS Notice CP39 is sent when the IRS applies your federal tax refund to past-due child support owed to a state agency. Instead of issuing the refund to you, the IRS transfers it to the appropriate state authority through the Treasury Offset Program (TOP). CP39 is informational and explains how […]
IRS CP5 (CP05) Notice – Tax Return Under Review
What Is IRS Notice CP5 (CP05)? IRS Notice CP5, sometimes labeled CP05, is sent when the IRS has received your tax return but needs additional time to review it. The notice informs you that processing is delayed while the IRS verifies information reported on your return. CP5 and CP05 are the same notice. The difference […]
IRS Form 944 – Employer’s Annual Federal Tax Return
What Is IRS Form 944? IRS Form 944 is used by certain small employers to report and pay federal payroll taxes on an annual basis instead of filing quarterly payroll tax returns. The IRS determines which employers are eligible to file Form 944. Employers cannot choose this form on their own without IRS approval. What […]
IRS Form 8949 – Sales and Other Dispositions of Capital Assets
What Is IRS Form 8949? IRS Form 8949 is used to report the sale or disposition of capital assets, such as stocks, bonds, cryptocurrency, real estate, or other investments. It provides detailed transaction information that supports the totals reported on Schedule D. Form 8949 helps the IRS verify capital gains and losses and how they […]
IRS Form 2553 – S Corporation Election
What Is IRS Form 2553? IRS Form 2553 is used by eligible businesses to elect S corporation (S corp) tax status. By filing this form, a corporation or LLC chooses to be taxed under Subchapter S of the Internal Revenue Code rather than as a C corporation. The election changes how income, losses, deductions, and […]
IRS Form 5472 – Foreign-Owned U.S. Entity Reporting
What Is IRS Form 5472? IRS Form 5472 is an information return used to report certain reportable transactions between a U.S. entity and its foreign owners or related foreign parties. It is required for 25% foreign-owned U.S. corporations and certain foreign corporations engaged in a U.S. trade or business. Form 5472 is a disclosure form. […]
IRS CP518 Notice – Final Reminder to File a Tax Return
What Is IRS Notice CP518? IRS Notice CP518 is a final reminder notice sent when the IRS believes you were required to file a tax return but has not received it. This notice follows earlier non-filer notices (such as CP59 or CP515) and warns that further action may occur if the return is not filed. […]
IRS CP2566 Notice – Missing Form 1095-A (Health Insurance Marketplace)
What Is IRS Notice CP2566? IRS Notice CP2566 is sent when the IRS believes you received health insurance through the Health Insurance Marketplace but did not include Form 1095-A with your tax return. This notice requests that you provide the missing information so the IRS can verify or reconcile any Premium Tax Credit (PTC) claimed […]