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 IRS has issued Rev Proc 2020-17, 2020-12 IRB, that exempts from information reporting requirements certain tax-favored foreign trusts that are established and operated exclusively or almost exclusively to provide pension or retirement benefits, or to provide medical, disability, or educational benefits. The IRS has issued Rev Proc 2020-17, 2020-12 IRB, that exempts from information reporting
