PRN 711 vs PRN 625 on my Form 5472 penalty notice — why does the code matter?
I received a CP215 notice with a Penalty Reference Number 711. My CPA mentioned PRN 625 might apply too. What's the difference between PRN 711 and PRN 625 on Form 5472 penalties, and does the code affect my abatement strategy?
Related Questions
Can I use First-Time Abatement on my Form 5472 penalty? My CPA says no but I see the FTA program on irs.gov.
I got a $25,000 Form 5472 penalty for one late tax year. My filing history is otherwise clean — no prior penalties. My CPA says First-Time Abatement doesn't apply to Form 5472, but the FTA page on irs...
CP215 or CP15 — which IRS notice carries the Form 5472 penalty and how should I respond?
I just received an IRS notice about a Form 5472 penalty. Some sources online call this a CP15, others call it CP215. Are these different notices? Does the response procedure differ between the two? I ...
I am in Australia and keep funding the LLC personally. Does that matter only for Form 5472, or also for my Australian reporting?
I own a Wyoming LLC from Melbourne and keep paying early software and contractor costs personally before transferring money in and reimbursing myself later. My U.S. preparer keeps telling me to mainta...
Farhy v. Commissioner — can I use it to argue the IRS can't assess my Form 5472 penalty?
I read that Farhy held the IRS lacked assessment authority for Form 5471 penalties under section 6038(b). My case is a Form 5472 penalty under section 6038A(d). Can I use Farhy as an authority for arg...
Does the April 2026 IRS guidance (CCA 202617012) help reduce my $25,000 Form 5472 penalty?
I missed filing Form 5472 for my Wyoming LLC in 2023 — I genuinely did not know the form existed. I just received an IRS notice with $25,000 in penalties. Someone in a forum mentioned the IRS issued n...
I'm from the UK — how does my U.S. LLC get taxed?
I'm a UK citizen and tax resident living in London. I set up a Wyoming LLC for my online consulting business. I work entirely from the UK and bill U.S. clients through the LLC. What are my U.S. and UK...
I'm from Australia — how does my U.S. LLC get taxed?
I'm an Australian citizen and tax resident in Sydney. I set up a Wyoming LLC for my SaaS business targeting U.S. customers. All development and operations happen from Australia. What are my U.S. and A...
Bittner v. United States — does the 2023 Supreme Court ruling cap my non-willful FBAR exposure?
I missed FBAR filings for 4 years and held 8 foreign accounts each year. The IRS first proposed stacking penalties per account per year — that would have been a six-figure number. A friend mentioned B...
I'm from Brazil — how does my U.S. LLC get taxed?
I am a Brazilian citizen and tax resident in São Paulo. I formed a Wyoming LLC for my digital marketing consulting business. I work from Brazil serving U.S. and international clients. What are my U.S....
My old U.S. business shut down last year, but the new return still shows a QBI loss carryforward. Is that possible?
I am from India and had a U.S.-connected business that generated a loss in one year, then shut down. In 2026 I have a different business activity and my preparer says the old QBI loss still has to be ...
Have a similar question?
ForeignLLCTax members get expert answers with IRS citations. One CPA consultation costs $200+. Full access is $9.99/month.
Become a Member — $9.99/moDisclaimer: All content on ForeignLLCTax.com is created by a tax professional and is provided for general educational and informational purposes only. It does not constitute tax, legal, or accounting advice, and should not be relied upon as such. Every tax situation is different — for advice specific to your circumstances, please consult a licensed CPA, Enrolled Agent, or tax attorney. By using this website, purchasing a subscription, or accessing any tools or services, you acknowledge that no client-professional relationship is established between you and ForeignLLCTax.com or its operators. This website is not affiliated with the IRS.
