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Reply to "IRS penalty- Settle or proceed to litigation? "
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[quote=Anonymous]Okay. I have read some more. Penalty is minimum of $10,000 or 5% of the GIFT per month up to a maximum penalty of 25% of the gift. At this point, the $20,000 looks reasonable. If you fight it and are successful, then you pay $10,000 to IRS and $9,000 to a tax attorney (see how the tax attorney arrived at the $9,000 fee?). NOT INTENDED TO BE LEGAL ADVICE.[/quote]
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