VALID › Notice Library › CP256 notice
In the IRS’s own words · not reviewed by VALID
CP256 notice explained, in the IRS’s own words
The installment payment is due for your IRC section 965 tax liability.
Read the full CP256 page on irs.gov ↗
What this notice is about
The installment payment is due for your IRC section 965 tax liability.
What you need to do
Make your annual installment payment on time as required by IRC section 965(h).
Will I be penalized if I can't pay the full installment amount by the due date?
Yes. You may be penalized for failure to pay and the full amount of your net tax liability may become due immediately.
Can I elect that an overpayment of my installment be credited to a subsequent tax year or refunded to me if there is an outstanding balance on my IRC Section 965 tax liability?
See Questions and answers about reporting related to section 965 on 2017 tax returns, question 14 and/or Questions and answers about tax year 2018 reporting and payments arising under section 965, questions 3 & 4.
What should I do if I disagree with the notice?
Call the toll-free number listed on your notice to review your account with a representative. Be sure to have your account information available when you call.
What to do next
- Write down the date on the letter today.
- Look the number up on irs.gov yourself. Don’t trust a link or phone number from anyone else.
- If it says you owe money or proposes changes to your return, take it to a licensed CPA, EA or tax attorney before that date.
Not advice. Not a filing. Verify with a licensed professional. Rules change by year and facts.