IRS Form 3520 and 3520-A Penalty Relief Program: Can it work for your foreign retirement reporting?

IRS Form 3520 and 3520-A Penalty Relief Program: Can it work for your foreign retirement reporting?

Understand that the IRS can not be expected to know the IRS does. At the SAME EXACT TIME the IRS announces a penalty relief program, the IRS still sends out automatic computer generated Form 3520 and Form 3520-A for $10,000 a piece...in error. Even our clients have received these completely wrong penalty notices that we have forced the IRS to take back. But we wonder - does the average taxpayer or tax professional know when the IRS is wrong about Form 3520 or Form 3520-A? In this video, guests tax attorney John Richardson and citizenshipsolutions.ca and Keith Redmond of Americans Expatriates 2.0 join Anthony E. Parent, Esq. and the three discuss the new IRS Form 3520-A Form 3520 penalty relief program (a program the IRS wouldn't need so much if they stopped wrongfully assessing Form 3520 and Form 3520-A penalties) for US taxpayers who have foreign pensions overseas where they live as expats, or had pensions before they came to the US. The new program allows certain taxpayers from having to file an otherwise-required Form 3520 or Form 3520-A. But this only applies for foreign pension and pension like accounts - not for true foreign trusts or foundations. Also there are contribution limits yearly and total to be aware of. Additionally, taxpayers must be in compliance in order to use the program. For help with this program or how to reduce or eliminate your IRS penalty exposure follow the links to IRSMedic.com info@irsmedic.com Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 https://ift.tt/1RfwK1f https://youtu.be/HsAPBYQNF6o IRS Medic