IRS Hears Concerns from TAS and Practitioners, Makes Favorable Changes to Foreign Gifts and Inheritance Filing Penalties

The National Taxpayer Advocate (NTA), along with American Citizens Abroad (ACA) and other organizations representing U.S. citizens overseas, provided the IRS with testimony on the need to change the penalty assessments on International Information Returns (IIR).  IRS Commissioner Daniel Werfel has confirmed that it will make changes.  Full information on this can be found on the NTA's blog here: IRS Hears Concerns from TAS and Practitioners, Makes Favorable Changes to Foreign Gifts and Inheritance Filing Penalties - Taxpayer Advocate Service