Hello,
Thank you so much for sharing this information. Is there a penalty if you do not file Form 720 for payment of foreign life insurance premiums? Specifically are there any criminal penalties? Can I go to jail for this? I have a foreign life insurance policy where I pay an annual premium of $1300.
I was told by my CPA that the form 720 requires an EIN but that is only possible to obtain if you have a small business. I am an individual who is employed by a company and not a business owner. I am a salaried professional. Can you please guide me on how I should be proceeding on this.
Thanks
