@macuser_22 wrote:
Agreed, but if *required* to be filed then what is the penalty for not filing it if I am incorrect? There is clearly a penalty for not filing it, but what is it if it does not exist?
If there is no tax due, then probably nothing (but I believe there is a general failure to file penalty somewhere in §§7201-7217).
Again, if you cannot find a specific penalty in the Code or Regs, then it simply does not exist; a penalty cannot merely be assessed because it seems correct to do so or it would otherwise be illogical not to apply a penalty.
