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Video instructions and help with filling out and completing Why Form 5495 Penalties

Instructions and Help about Why Form 5495 Penalties

I'm here today with attorney Anthony parent and attorney Robert Henson to present to you the 2023 f bar penalty guide some topics that we're going to cover today are f bar penalty mitigation non-willful vs. willful filing vs. record-keeping penalties caps on willfulness audit years large business and international versus self-employed small business criminal charges f bar appeals f bar litigation and f bar penalty installment agreements so thanks for joining me let's jump right in and begin with f bar penalty mitigation what can you tell me about that well I would say apart panel mitigation is not hard for most people we need four things presence no illegal source income that means it cannot be a international drug lord okay so try to check that one off your most people most people not everybody in and I would say if you are going to be an international drug lord you would want to keep it in palates of scat cash then you'll have to worry about fr penalties then you also do need to cooperate that is something you don't want to be playing hide the ball with an auditor you do want to come forward get ahead of it do not try to pretend it's not a problem and I think also that's related to our fourth one if there's going to be an underpayment you want to get that under payment of tax paid so that you're not you don't get this fraud penalty for under payment of tax related to an unreported account and the other thing is you can't have a previous f bar penalty so that's makes a little bit of sense they're awesome right all right what about non-willful versus willful f bar penalties well you know the willful penalty is...