Do IRS International Penalties Qualify for First Time Relief?
By Anthony DiosdiSome tax professionals believe that international penalties such as penalties associated with the late filing of Internal Revenue Service or IRS Form 5471, Form 5472, or Form 3520 can be abated or removed through an administrative procedure often referred to as “first-time penalty abatement program.” Requests for relief of a penalty may be made in writing or by calling directly at 1-866-860-4259. This article discusses if it is possible to abate or request a refund of an international penalty through the first-time penalty abatement program.What Are Form 5471, Form 5472, and Form 3520 Penalties?Chapter 61 of the Internal Revenue Code contains countless reporting requirements regarding foreign information filing obligations. Many of the sections under Chapter 61 impose significant penalties for the failure to comply with the reporting requirements.…