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Form 3520 Penalty Relief

The IRS appears to have adopted a zero tolerance policy with respect to late file and erroneously filed Forms 3520.  Since the late filing penalties are generally based upon a percentage of a distribution amount or an asset value, the late filing penalties are generally very significant.   In most of the cases our office is currently working on, the penalties are six figures.  

 If you have filed late or filed an erroneous Form 3520, our office can help you mitigate the penalties.   Likewise, if you are preparing to file a Form 3520 late, our office can help you attempt to mitigate potential penalties by preparing a detailed Statement of Reasonable Cause which is submitted with the Form 3520.   

Regardless of your situation, it is very important that you have an experienced tax attorney who understands how to deal with Form 3520 penalties.   Our Firm has been extremely successful with mitigating Form 3520 assessments.  

 For a free Form 3520 penalty consultation, please call Teig at 305-576-4242.  



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