Received IRS Notice CP15? Get Penalty Charge Help from a Skilled Tax Attorney
It is undoubtedly pleasant to receive trusts, gifts, and entities from abroad. However, has the idea of reporting them to the IRS ever come across your mind?
Request penalty abatement for Notice CP15
Unravel disclosure requirements for Form 3520 and Form 3520-A
Report foreign gifts, inheritances, and offshore accounts accurately
Defend your investments against IRS penalty enforcement actions
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It is very common for a U.S. person to receive Notice CP15 due to failure or untimely reporting on foreign gifts. Notice CP15 is one of the worst penalty notices and it has very specific timelines for payments. Failure to pay for your civil penalty charge can result in the IRS collecting your personal assets and potential jail time of up to 5 years.
Therefore, you should not hesitate to contact a skilled tax attorney at Frost Law. Our tax team has the best interest of our clients and we have offices throughout the U.S. Complete the contact form or call (443) 545-3023 today to arrange a confidential consultation.
Why Did You Receive IRS Notice CP15?
You could have a civil penalty charge due to:
- Failure or untimely reporting on large foreign gifts on Form 3520
- Giving false information for withholding taxes
- Missing information on tax returns
- Failure to report a foreign tax redetermination
- You are in charge of a business that has unpaid employment taxes
The notice is for notifying taxpayers that a penalty was issued, explaining why it was issued, and requesting payment. You will find your due date, the amount due, and payment options on the notice.
If you want to dispute the penalty, you have to pay it first then file a claim for a refund using Form 843. Reach out to an experienced tax attorney at Frost Law in a timely manner so we can help you find the best course of action for penalty abatement.
Consequences of Failure to Pay for CP15 Penalty Charge
You have 30 days to pay for your penalty charge. So, what could happen if you missed the deadline?
- Interest will accumulate so you end up paying more money
- The IRS can collect your personal assets
- Your property can be seized by the IRS
- Your wages can be garnished by the IRS
- You get jail time of up to five years
Don’t want your assets to be taken and even go to jail? Let Frost Law’s competent attorneys handle the situation for you.
Differences Between IRS Notice CP15B and Notice CP15H
Notice CP15B
You get this Notice if you are a responsible person of a business that has unpaid employment or exercise taxes. The IRS imposes the taxes on you individually after they determined that you were in charge of the company and willfully did not make the payments. You will be responsible for only the employment taxes owed within the tax periods listed on your Notice.
Response deadline: 10 days
Notice CP15H
You get this Notice if you owe a Shared Responsibility Payment. You may also get this Notice if you or a family member did not maintain minimum essential health coverage.
Response deadline: 20 days
Do You Need Help with IRS Notice CP15? Contact Us Now!
No matter why you received a Notice CP15 from the IRS, what is important is that you know your best payment option so you could save your personal assets and avoid jail time.
Complete the contact form or call (443) 545-3023 today to arrange a confidential consultation with experienced, dual-licensed tax attorneys and CPAs.
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