What is the accuracy-related penalty under IRC 6662 and when does the IRS impose it on foreign LLC owners?
I just received a letter from the IRS saying they're proposing a 20% accuracy-related penalty on an adjustment they made to my LLC's tax return. They said I understated my income by not properly reporting some ECI. My accountant says this is IRC 6662. What triggers this penalty? And is there any defense against it?
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