3 ms·
$25000 IRS Penalty to Startups with non-US Co-founders, and how I got off
- artur_makly 5y agoImagine suddenly getting a 25k invoice from the IRS. YUM! Then waiting for 2 years ( due to a backlog in the IRS ) for their response letter stating you dont own them jack. SUPER YUM![0] Sorry I just had to share this tiny little win...and lesson LEARNED! The penalty, however, can be abated if the reporting corporation demonstrates that its failure to timely file the required forms was due to reasonable cause. Notably, there is a relaxed reasonable-cause standard for “small” corporations (gross receipts are $20 million or less) that have limited presence in, and contact with, the United States.[1] [0]https://www.dropbox.com/s/knk1cj4xioljve2/Screenshot%206-7-21%20at%207.18.29%20PM.png?dl=0&capture=true https://www.dropbox.com/s/knk1cj4xioljve2/Screenshot%206-7-2... [1]https://www.hodgsonruss.com/newsroom-publications-10625.html https://www.hodgsonruss.com/newsroom-publications-10625.html