Q: IRS penalty
I set up a company in Delaware in 2022, but there was no turnover and now I am trying to close it.
I filed my 2023 and 2024 tax returns in July 2024.
The IRS sent me a penalty of $25,000 for filing late. I filed a request to have the penalty waived, given that I had no business activities and no employees, but my request was denied. Now I have to pay more than $25,500, and interest is added every month.
What are the consequences of not paying the fine, given that I do not currently have any economic interests, accounts or assets in the United States?
Is there a practice that this fine can be written off after some time?
Is it possible for funds to be seized by certain banks? Could this happen, for example, if a driver’s license fee remains unpaid, leading to criminal charges? In such a scenario, is there a risk that the company owner's name might be blacklisted, preventing them from opening new companies until they resolve this issue with the IRS?
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