How do the $25,000 + $25,000-per-30-day section 6038A penalties for failing to keep records actually work?
I understand the famous $25,000 Form 5472 penalty, but I'm fuzzy on how it stacks when the problem is recordkeeping rather than a missed form, and how the extra per-period penalty kicks in. Is failing to keep my non-US records 'available' its own violation? And is the IRS going to nitpick one missing invoice, or do they look at the whole picture?
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