The Foreign Gift Penalty Trap
The IRS’s Inflexible Stance Discourages Good Faith Compliance The requirement for U.S. persons to report large foreign gifts via Form 3520 is well-known, as is the steep penalty for failure to file: the greater of
The IRS’s Inflexible Stance Discourages Good Faith Compliance The requirement for U.S. persons to report large foreign gifts via Form 3520 is well-known, as is the steep penalty for failure to file: the greater of