IRS Notice CP2531 is sent to Corporations & businesses to state that the IRS records differ from the items reported on the business tax return. As with individuals, it is important to gather the IRS records along with the tax return. From there, you can determine what the IRS is proposing.
Respond to Notice CP2531
Often, the IRS records are not wrong they simply lack information or deductions to off-set the documents obtained by the IRS.
If you admit that the tax is owed, it would be ideal to pay it immediately. Later, (within 2 years) you may determine that the tax isn't owed & the business will be entitled to a refund. Paying the tax is NOT an admission that the business owes it. If the business can't immediately pay the tax, please follow the Collection Prep Steps to confront this problem.
If the business disputes the tax, we need to complete some research. Perhaps we must file amended returns. Please follow the Return Error Prep Steps to construct your case.
Various Types of IRS Notice CP2531 / Letter 2531:
