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Form 3520, Acknowledged by IRS?

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Filed: Timeline

Hi,

My spouse and I jointly filed form 3520 2 months late. This year our tax was messy since I entered the equation as an immigrant. We received bad tax advice but anyway, eventually we amended everything. We filed form 3520 in June and I just received a letter from the IRS acknowledging receipt of this form and that it will be processed. I don't see the letter mentioning anything about a penalty yet there is a separate piece of paper that says to attach this paper if there is a payment to be made. Should I be worried?

Also our amended return is beyond 12 weeks and still hasn't been processed. Does this mean something is wrong?

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Filed: K-1 Visa Country: Philippines
Timeline

The IRS is probably the slowest government branch to deal with. They almost always include a separate form and envelope to make a payment, just standard procedure. You already know at some point you'll be hit with a penalty for being late. Eventually they will mail you the notice. As for processing your late amended return, give it some time. Should you be worried? The short answer is yes, any dealings outside the norm with the IRS is cause to worry. It it's any consolation, It took me almost a year and half to straighten out an exemption error on my 2012 1040 return. And I dealt with 4 separate offices and had to appeal a 30 day Intent to Levy. You can bet I was worried.

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Filed: Timeline

Well I am confused because I have heard of people getting penalties for the late filing of Form 3520 but I've also heard of the IRS letting go if this particular form was filed late by a few months. Time will tell.

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Filed: Timeline

Just an update from the IRS. "Where's my Amended Return" shows that the amended return was adjusted on November 21, 2014 and that I will get a notice within three weeks that explains the adjustment.

Does this mean I might get a penalty? Will I get my refund or not?

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