IRS Ends Automatic Penalties for Late Filed Foreign Gift and Bequest Forms
The IRS will end its practice of automatically assessing penalties for the late filing of forms dealing with foreign gifts and bequests, a change long advocated by the AICPA and the Taxpayer Advocate Service. National Taxpayer Advocate Erin Collins discussed the updated policy in a Thursday blog post (https://www.taxpayeradvocate.irs.gov/news/ntablog/irs-hears-concerns-from-tas-and-practitioners-makes-favorable-changes-to-foreign-gifts-and-inheritance-filing-penalties/2024/10/), the same day IRS Commissioner Danny […]
