NTA2402. International Information Returns - What You Need to Know and Traps for the Unwary

In this session we will discuss the most common international information returns that apply to taxpayers with outbound and inbound activity. We will discuss the very steep penalties for failure to file and how to avoid the penalties if a taxpayer discovers they have some delinquencies. We'll also discuss abatement techniques where the IRS has already assessed penalties.

Learning Objectives:

• Identify the common international information returns and their filing requirements.
• Identify delinquent penalties for late international information returns and assessment procedures.
• Apply abatement techniques for penalties related to Forms 5471 and 5472.
• Distinguish the delinquent international information return submission procedures and other disclosure procedures.
• Apply abatement techniques for penalties related to Forms 3520 and 3520-A.