It’s B and P Notice Season: Do You Have a Streamlined Process?

Sovos
September 6, 2016

This blog was last updated on June 26, 2021

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.

B-Notice InfographicTax information reporting is a year-long process.

  • 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.

Take Action

  • 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.

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Author

Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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