This will be the shortest chapter. I am certain that after having read Chapter 15 about “Form Crime” and the possible penalties (usually $10,000 a form”) you will want to know how get “Form Crime Relief”.
Speaking of $10,000 – the “Standard Form Crime Penalty”
It is important for you to know that:
– “reasonable cause” does exist as a defense; and
– If you were truly ignorant of the form (who wouldn’t be?) then you it may work for you.
First, “Form Omissions” are generally what the IRS would call “Delinquent Information Returns“.
Second, what’s “reasonable cause” anyway?
Remember, …
Many “Form Crime” penalties can be abated based on “reasonable cause”.
Citizenship Taxation - Theory vs. Reality 