What This Notice Means

The IRS is reviewing your Form 1120-F, U.S. Income Tax Return of a Foreign Corporation. It's holding part of your refund until the review is complete.

Why the IRS Is Reviewing It

The IRS needs to verify the income or the income tax withholding reported on the return. The review doesn't mean you made an error or were dishonest.

What to Do

You don't need to take any action right now.

Use the time well:

  • Pull together the withholding statements and income records that support the return.
  • Confirm the withholding agents reported the same amounts you claimed.
  • Keep a copy of the return, this notice, and your support in one place.

If the IRS later asks for information, you'll be ready to answer quickly and completely.

If You Didn't File This Return

Someone may have filed it without your consent. Send the IRS a completed and signed Form 14039, Identity Theft Affidavit. You can also complete Form 14039 online. While the IRS reviews it, the Identity Theft Central page has information on protecting yourself.

Don't wait on this. A fraudulent return filed in the corporation's name is a problem you want on record immediately.

Keep Your Records Together

Keep this notice with your copy of the Form 1120-F and the records behind it. If you call about the review, use the number on your notice and have the notice in front of you.

Help

You can authorize a representative to deal with the IRS on the corporation's behalf using Form 2848.

If your corporation received a CP158 notice and the held refund is significant, call us at (813) 229-7100.