Protax Consulting Services, Inc. Blog IRS to change policy on assessing penalties for late filing of reports of foreign gifts and inheritances and foreign trusts

IRS Commissioner Danny Werfel announced effective immediately, the IRS will no longer automatically assess penalties on taxpayers who file Forms 3520, Part IV (reporting foreign gifts) after the filing deadline. In addition, by the end of the year, the IRS will expand that approach to the late filing of reports relating to foreign trusts (i.e., The post IRS to change policy on assessing penalties for late filing of reports of foreign gifts and inheritances and foreign trusts appeared first on Protax Consulting Services.