What are the penalties under IRC 6651 for filing late or paying late, and how do they apply to foreign LLC owners?
I'm a Nigerian business owner with a Wyoming LLC. I missed the April 15 deadline for filing my Form 5472 and pro forma 1120 last year. I also have some ECI that I owe tax on, and that payment is late too. My accountant mentioned IRC 6651 penalties for both failure to file and failure to pay. How much are these penalties? Do they stack on top of the $25,000 Form 5472 penalty? Is there any way to get the penalties removed?
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