Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I ahve recently had a penalty fining 5472,

Customer Question
I ahve recently had...

I ahve recently had a penalty for late fining for form 5472

Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 32 minutes by:
3/2/2016
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,469
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified

I see that you are in the UK, but you are dealing with a US Tax issue, correct?

Have you bet hit with the $10,000. penalty?

If so, I have recently dealt with this situation and there are a couple of ways to approach it; however, you need to provide the specific details (not names or ID numbers) of the circumstances leading to the penalty assessment.

If you do that, then I can give you better direction to consider and/or assist you in drafting an abatement request whichever you wish.

Ask Your Own Tax Question
Customer reply replied 2 years ago
HI Stephen
HI i have filed late quite a few times and paid the associated fines penalties
Apart from that my affairs are usually upto dateI have now been hit with a 60k fine - 3 companies (with 2 people) civil penalty. my inital appeal has been rejected. My CPA is suggesting i get a tax attorney now. they stated a review of my account shows that i was subject to simillar penalties before - this is not true. i ahve paid late fees (which i accept) but never have had a late filing form 5472 fine beforePlease advice
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago

I think our comments crossed in cyberspace; please respond to my last transmission.

Steve G.

Ask Your Own Tax Question
Customer reply replied 2 years ago
Thanks Steve
Reviewing your answer
Meantime, i think have been charged twice
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago

Yes, you probably have because you opened two questions.

We can deal with that through customer service once we are through.

Steve G.

Ask Your Own Tax Question
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago

Do you have any additional follow-up questions?

If not, please remember to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Stephen G. Your Own Question
Stephen G.
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,469
7,469 Satisfied Customers
Experience: Extensive Experience with Tax, Financial & Estate Issues

Stephen G. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Tax question: Does the purchase of the corporation's capital
Tax question: Does the purchase of the corporation's capital stock by the foreign owner comprise a reportable transaction (F-5472)?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I need to ask Mr Lane some questions regarding Form 5472
I need to ask Mr Lane some questions regarding Form 5472 penalty abatement. I don't want to just ask some random people. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,662 satisfied customers
I'm a CPA i have a client with late-filed 3520 for frn gifts
I'm a CPA i have a client with late-filed 3520 for frn gifts in part 6, do you have any experience in this area? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
An Australian company started an LLC in California in 2012.
An Australian company started an LLC in California in 2012. It did not get an EIN and has not filed the 1120 or form 5472. California has found the company and asked for a California return which woul… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I received a denial, twice now, filing of form 5472. A
I received a denial, twice now, for late filing of form 5472. A charge of $10,000 is being demanded, we were only 2 weeks late with the filing and had used the services of a cpa. is there any way to h… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
The question is regarding getting relief from late filing of
My name is***** question is regarding getting relief from late filing of form 5472. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have received a fine of $60,000 filing of 5472. inquiry /
i have received a fine of $60,000 for late filing of 5472. inquiry / appeal on mums medical grounds rejected as"information submitted doesn't establish reasonable cause or show due diligence" although… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
7,469 satisfied customers
I still need your help on the previous question regarding
Hi Stephen,I still need your help on the previous question regarding abatement of late filing penalty on Form 5472… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
7,469 satisfied customers
Relief on penalties on late filing form5472/fixing late file
I am looking for information about relief from penalties for late filing of form 5472 and procedures for correcting the late filing. … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
, filing late the form 5472- since 2008- what is the
filing late the form 5472- since 2008- what is the maximum penalty? can i do some thing to reduce the penalty? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Should I use an attorney to go to appeals on this? I filed
Should I use an attorney to go to appeals on this? I filed a 1120 with a loss 5 days after the extended due date with a 5472 due date. This corporation has never had a late filing of any kind.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Attempting to locate citation FTA - First Time Abate
Attempting to locate citation for the FTA - First Time Abate Program relative to late filing of Form 5472… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Do I need to file form 5472 even though no payments have been
Do I need to file form 5472 even though no payments have been made from the US corporation to the 100% owner foreign corporation? On that note, payments from the US corporation have been made for serv… read more
taxmanrog
taxmanrog
Master\u0027s Degree
1,053 satisfied customers
we have IRS penalties assessed for late filing of 5471's and 5472's. the penalty
we have IRS penalties assessed for late filing of 5471's and 5472's. the penalty is $10,000 per form if filed late. how can we get these penalties abated? These forms are informational and attached to… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
If these two years form 5472 are all past due, any program
If these two years form 5472 are all past due, any program can apply to waive the penalty? These two years are first two years after incorporation.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Mr. Lane, Does the First time Abatement Waiver procedure
Mr. Lane, Does the First time Abatement Waiver procedure apply to the $10,000 penalty charged under IRC §6038A with respect to the late filing of a Form 5472? Thanks you for your consideration. ***** … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Client got asseseed a $10k penalty for filing a late Form 5472.
Client got asseseed a $10k penalty for filing a late Form 5472. Client was not advised of his filing requirement by the first tax advisor he visited and ended up filing late. How can we abate this pen… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Hi Sir/Madam,I am European with C-Corp in NYC founded on
Hi Sir/Madam, I am European with C-Corp in NYC founded on 10th Feb 2009.For 2009 I don't have activity or transactions.For 2010 I have 7000$ bank transfer from Europe to US bank for purchase of my own… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x