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Whatever you do, DON'T ignore it!!! I got a similar notice last year, thought it was a mistake, and ended up with a bank levy because I didn't respond. Even if there's no balance shown, they expect you to follow up if you don't understand what they want.
I actually had a very similar experience about 6 months ago with a CP503 notice that was completely blank where the balance should have been. After reading through all these responses, I wish I had known about some of these resources earlier! What worked for me was a combination approach: I first tried to set up the online IRS account (which took a few attempts to get verified), and when that showed I did have a balance due, I used one of those callback services mentioned here to actually speak with an agent. The IRS representative confirmed that there was indeed a system glitch affecting certain notices in my processing center, and my actual balance was around $280 in unpaid taxes from a previous year that somehow got lost in their system updates. The key thing I learned is that a CP503 is definitely a collection notice - it means they think you owe money and this is their second attempt to collect it. Don't wait on this one, even if the amount is missing. The IRS doesn't send these just for fun, and ignoring it could lead to more serious collection actions. My advice: try the online account first (it's free), and if that doesn't work or shows confusing information, definitely use one of the services people mentioned to get through to a real person. The peace of mind is worth it!
Anyone ever file Form 7004 to get a 6-month extension for their S Corp? I'm thinking about doing that this year because I'm still waiting on some information from my bookkeeper.
I've done it several times. It's super easy - just file Form 7004 by the deadline (so by Monday the 17th this year) and you'll get an automatic 6-month extension to September 15, 2025. But remember that this only extends the filing deadline, not the payment deadline. If you owe any taxes, you still need to estimate and pay those by the original due date to avoid penalties.
Great question about the weekend deadline! Just wanted to add that this same rule applies to most other business tax deadlines too. For example, if you have quarterly estimated tax payments due and they fall on a weekend, those also get pushed to the next business day. One thing I learned the hard way is to double-check your state filing requirements too. While the federal deadline automatically extends, some states have different rules or may not automatically extend their deadlines when they fall on weekends. Since you mentioned this is an S Corp, you'll likely need to file state returns as well, so worth verifying those deadlines separately. Also, if you're planning to make any payments with your return, make sure your bank or payment processor can handle weekend transactions if you decide to file early. Some electronic payment systems have different processing schedules on weekends.
Don't forget about the Recovery Rebate Credit too! If you didn't get the third stimulus payment in 2021 (which was $1,400 per person including dependents), you can claim that on your 2021 return as well. For you and your baby, that could be another $2,800 on top of the Child Tax Credit.
Adding to everyone's great advice here - definitely act fast since you're cutting it close to that April 18, 2025 deadline! I was in a similar situation a couple years back and the stress was real. One thing I learned the hard way: when you mail your 2021 return, send it certified mail with return receipt so you have proof the IRS received it before the deadline. Regular mail can get lost or delayed, and if it arrives after April 18th, you might lose your eligibility for that refund. Also keep copies of EVERYTHING - your return, all supporting documents, the certified mail receipt, etc. Prior year returns sometimes take longer to process and having documentation helps if there are any questions later. You've got this! That $3,600 child tax credit plus any stimulus money you might have missed could be a really nice chunk of change. Just don't wait any longer to get started on preparing that return.
Genevieve Cavalier
Protip: call the IRS early morning right when they open. Got through in 5 mins and they confirmed my return was just processing normally even tho transcripts werent up yet
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Ethan Scott
ā¢what number did you call? been trying for days š
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Genevieve Cavalier
ā¢1-800-829-1040 but gotta call right at 7am EST
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Ethan Wilson
Same situation here! Filed Jan 15th and still showing N/A on transcripts. Called the practitioner hotline yesterday and they said everything looks normal, just heavy volume this year. They mentioned something about system upgrades causing delays too. Hang in there!
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