You May Want to Ignore IRS CP59 Notice

By Paul Neiffer Principal CLA T. 509.823.2920 Email

If you know you filed your 2019 income tax return but the IRS has recently sent you a CP59 notice stating they need a copy of your return since they have not received it; you should likely ignore the notice.

The IRS has confirmed that they have erroneously sent out approximately 260,000 CP59 notices by mistake.  They are in the process of correcting these notices and indicate you should not respond to them at this time.

I personally have about 5 clients that have received these notices.

The SBA also indicated they are going to only allow very small businesses a two week window to get PPP loans starting Wednesday.  What is interesting in the notice is that they will now start applying the same criteria for non-farmers to allow PPP loans for very small businesses to use gross income, not net profit.  

We posted last week that this was likely to occur.  However, we still don’t have any formal guidance whether partnerships will qualify using the same criteria.  We will keep you posted if we get guidance on this issue.