Glossary

CP291 Notice

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The CP291 notice is sent by the IRS to inform taxpayers that their tax account has been credited with an overpayment of taxes. This notice indicates that the IRS has determined the taxpayer paid more than was owed and has applied the overpayment to their account.

Key points about CP291:

The notice provides details of the overpayment amount and how it has been credited to the taxpayer’s account.
Taxpayers can choose to apply the credit to future tax payments or request a refund of the overpayment.
The notice outlines the steps for making these requests and the timeframe for submitting them.

Taxpayers receiving CP291 should review the notice carefully to understand their options regarding the overpayment and ensure they apply the credit as desired.

Recommendation

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Form 8886 – Reportable Transaction Disclosure Statement is crucial for disclosing tax avoidance schemes.

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Form 5471-A – Information Return of Controlled Foreign Corporations

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Letter 3276: Offer in Compromise Partial Payment Request

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Form 4563 – Exclusion of Income for Bona Fide Residents of American Samoa

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