If you have received an IRS notice assessing penalties of $10,000 for failure to file or late filing of Form 5472* for the tax year 2016 – the IRS is experiencing an issue as their system was not completely updated for the correct extended deadline of October 15, 2017 for certain entities. Therefore, if your tax return included Form 5472 and was filed between September 16, 2017 and October 17, 2017 you may receive this notice. Please contact your trusted advisor for assistance resolving this issue.
*Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business