Employers whom receive this letter should take notice and respond accordingly by the date noted on their letter. If you don't respond by the response date on the first page of this letter, the IRS will send you a notice and demand for the ESRP that was proposed and assessed. The ESRP will be subject to IRS lien and levy enforcement actions. Interest will accrue from the date of the notice and demand and continue until you pay the total ESRP balance due. Those employers who fail to respond to this notice will be assessed penalties that are also subject to IRS lien and levy enforcement action.
If you have any questions, contact your UHY LLP professional at one of our many locations.
* This blog was originally posted by UHY LLP.