Filing requirements for foreign trusts, gifts, and accounts are a constant challenge. Even with the best of intentions you could find yourself out of compliance and with IRS and staring at notice CP15 penalty issues that carry serious consequences.
Filing requirements for Form 3520 follows the IRS tax return deadline and is due April 15th. Form 3520-A, which is closely related to to Form 3520, deals with trusts and it has a separate filing deadline.
If You Forgot To File or File Late Either Form 3520 or Form 3520-A Then You May End Up Dealing With An IRS
Notice CP15, Which Details Penalty Issues.
The CP15 Notice is an IRS Penalty Charge that requires a timely response in the form of a Protest Letter. Writing a sponsor of letter to the IRS explaining why you filed on time or what your reasonable cause for filing late is, will not suffice!
To appeal this penalty you must send to the IRS, at the address shown on page 1 of the notice, a written request to appeal within 30 days from the date of this notice. Your request should include any explanation and documents that will support your position that you filed timely or that you had reasonable cause for not filing these forms timely.
Received a CP15 Notice and 25% Penalty
For Late Filing Form 3520A?
Received a CP15 Notice and $10,000 Penalty
For Failure To File 3520?
Contact the Tax Lawyers at
Marini & Associates, P.A.
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243)
Read more at: Tax Times blog