The Internal Revenue Code (IRC) imposes penalties on understatements of tax as a way to encourage voluntary compliance and deter noncompliant behavior. Generally, the revenue…
IRS Form 3520, Penalties, and Whether to Make a Protective Filing
Information Reporting on Foreign Trusts and Gifts
Whether a taxpayer is required to file IRS Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, is…