I just got a $25,000 Form 5472 penalty notice. What should I do first?
I am in India and own a Delaware single-member LLC. We filed late and now received an IRS notice assessing a $25,000 Form 5472 penalty. Revenue was only about $18,000, so the penalty is larger than the business profit for the year. I am honestly panicking and do not want to make the next step worse.
I need a practical first-response plan. Should I call, write, file something with the notice, or wait until I can hire a professional?
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