Internal revenue code 6677

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Mach7
Posts: 166
Joined: Sun Dec 11, 2011 3:19 pm

Internal revenue code 6677

Post by Mach7 »

a friend of mine just received an IRS notice under section 6677 regarding an account he failed to file the appropriate paperwork for.

Not sure of the circumstance...could be form 3520...not too sure.

Anyway, he made the first disclosure some time ago and that started the ball rolling....

It seems that, due to the value of the account in question, he is going to ask for the penalty as hiring an Accountant to tabulate the back forms will cost more than they can penalize him under code 6677!!...

Has anyone heard of this before?

He is going to outline the full details on the Isaac brock society webpage.
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nelsona
Posts: 18685
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Its failure to report a trust. 35% penaly.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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