Episode 020: Jill Dymtrow on B-Notices (with a shocking revelation)

B-Notices from the IRS was the topic on this episode of the AP Now podcast. Mary Schaeffer was joined by industry expert, Jill Dymtrow for a fun discussion of these little-understood, but quite-important IRS notices. She also dropped a bombshell in the middle of the podcast.  Jill, who is a director with the accounting firm of Moss Adams, has been working in tax information reporting since, as she explains, “the turn of the century.”

The podcast starts with an explanation of exactly what a B-Notice is and why they can be so deadly for organizations. She then clarifies the difference between a B-Notice and Penalty Notices as well as the origin of the term B Notice.

At this point, she dropped the bombshell. She shared that she has seen several B-Notices that had mismatches on them from 1042s. This is the first time that news had been shared. Most professionals do not expect this. She also warned that this is likely to expand in the future. She then emphasized the importance of using IRS TIN Matching.

The podcast continued with Jill discussing common issues she finds with companies that receive B-Notices, especially at the middle-market level. Before offering closing remarks and best practices, to demonstrate the vagaries in tax reporting, she shared a story about one of her clients who finally followed her advice. The outcome was not what she expected.

Host: Mary Schaeffer (https://www.ap-now.com/)

Guest: Jill Dymtrow (https://mossadams.com/home)

Sponsor: Stampli (https://www.stampli.com/apnow/)

Credit: Music: https://www.purple-planet.com