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Category: US Trusts

US & Canadian Cross-Border Tax Service - Cross-Border Financial Professional Corporation - US Trusts
IRS Shifts Gears: Provides U.S. Tax Relief Related to Certain Informational Returns of Foreign Trusts
  • By Karlene Mulraine
  • March 8, 2020
  • US Individual Taxes for Canadians, US Trusts

IRS Shifts Gears: Provides U.S. Tax Relief Related to Certain Informational Returns of Foreign Trusts

Last week, the IRS released a Revenue Procedure providing certain U.S. citizens and residents with an exemption from information reporting requirements. The Revenue Procedure also permits eligible individuals to request an abatement or refund of penalties assessed for failing to comply with the requirements for…
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