Hi All
Got a letter today from Internal Revenue Service (IRS), $10,000 penalty for failure to provide Form 5472 This is a tax return, amount due in 10 days.
I promptly phoned my accountant in Oz as last year he prepared paper work for extension of due date of tax returns. However, one of my LLC names was incorrect therefore this did not get processed, in other words no extension on file for this LLC. (Limited Liability Company).
What my accountant advised was that in US totally different from Oz, they are ruthless, "you pay up first and then we talk later" and then we see who is right, they will even consider foreclosing on your home.
Accountant has now sent letter to IRS with evidence etc and explaining what has happened and believes this will be resolved. Just a warning for anyone with US properties, it aint Oz and you don't get a slap across the hand.
MTR
Got a letter today from Internal Revenue Service (IRS), $10,000 penalty for failure to provide Form 5472 This is a tax return, amount due in 10 days.
I promptly phoned my accountant in Oz as last year he prepared paper work for extension of due date of tax returns. However, one of my LLC names was incorrect therefore this did not get processed, in other words no extension on file for this LLC. (Limited Liability Company).
What my accountant advised was that in US totally different from Oz, they are ruthless, "you pay up first and then we talk later" and then we see who is right, they will even consider foreclosing on your home.
Accountant has now sent letter to IRS with evidence etc and explaining what has happened and believes this will be resolved. Just a warning for anyone with US properties, it aint Oz and you don't get a slap across the hand.
MTR