HELP JAMES! FOREIGN OWNED LLC - 5472 PENALTY
Hi @James Baker! I'm Brazilian and I have a US LLC. I did not file forms 5472 and 1120 for the past 2 years. I've been travelling for the past few years, and I didn't check my mail since then, so I don't know if I actually got a penalty letter from the IRS or not... I just found out about potentially having to pay a penalty of 25K per year for not filing. So 3 questions: 1. Is there a way for me to check if there are any penalties attached to my US LLC? 2. I read that I don't have to file these forms if I don't have any reportable transactions. So how would they know If I do or not? 3. Lets say I discover that I owe a penalty for not filing. I'm Brazilian and I live outside the US. What happens realistically if I just ignore it? Thanks! I really appreciate what you do.