Responding to a 3520 CP15 Penalty Notice is Time Sensitive: Golding & Golding

How to Challenge an IRS Penalty Notice for Form 3520

For several years now, the Internal Revenue Service has been significantly increasing enforcement of international information reporting penalties — and especially Form 3520 penalties for reporting foreign trusts and gifts. It is a bit peculiar that the IRS wants to take Taxpayers to task for 3520 gift/inheritance issues — because oftentimes the reason for having to file the form is simply because a US person with foreign national parents may have gifted the US person money or other gifts that may come by way of inheritance. Contrary to popular belief, it is not always because the foreign national just wants to give gobbles of money to a US person. As a new resident of the United States, it is very difficult for taxpayers to obtain any credit, mortgage, etc. –- so the foreign national parent just wants to help out a family member.

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