New IRS Form 3520 Penalty Relief Waiver and Reporting Exemptions under Revenue Procedure 2020-17.

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What is Revenue Procedure 2020-17?

Rev. Proc. 2020-17: IRC 6048 Exemptions & 3520 Penalty Relief:

The Rev. Proc 2020-17  is an IRS Revenue Procedure that provides Relief for certain Reporting of Foreign Trusts and Foreign Trust Penalties. 

The new revenue procedure was released in March. Rev. Proc 2020-17 limits the amount of reporting required for certain foreign trusts (to avoid duplicate reporting) and provides procedures to apply for an abatement of penalties already issued for non-reporting of information returns involving foreign trusts.

And, with the Internal Revenue Service taking an aggressive approach on foreign accounts compliance and unreported foreign income -- the revenue procedure will prove to be very beneficial to U.S. persons who own - or have an interest in - foreign trusts.

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