I filed Form 5472 on time — can the IRS still call it 'substantially incomplete' and assess the $25,000 penalty?
I filed Form 5472 by the April deadline last year, but I left some lines blank in Part II because I did not have my foreign owner's full address details. I also did not attach a separate statement for a capital contribution from my owner. The IRS just sent me a notice saying my return is 'substantially incomplete' and they assessed a $25,000 penalty. How can a return I actually filed trigger the penalty?
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