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CP262 notice: what it means and what to do
Got an IRS CP262 notice? Here is what it means, your deadline, what to check before you answer, and how to reply. Check your own letter free: it stays on your phone.
Check my CP262 notice freeWhat the IRS says this notice is about
We revoked your subchapter S election.
What you need to do
File Form 1120, U.S. Corporation Income Tax Return PDF by the required due date.
Your deadline
Answer by the date printed on your notice. If there is no date, answer as soon as you can, and call the number on the notice if you need more time.
What to check before you answer
Is this letter really from the IRS?
The IRS writes first by mail. A real letter shows a notice or letter number, your name and part of your tax ID number. The IRS does not ask for payment by gift card, crypto or wire transfer. If in doubt, sign in to your IRS online account, where many notices are listed.
You may want to
Keep this notice for your permanent records.
Common questions
Can I re-elect subchapter S status?
You must wait five years before you're eligible to make a new election.
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