Please read the updated post Revenue Procedure 2020-17 Explained – Forms 3520 & 3520A

The Internal Revenue Service has stated that it intends to issue a Revenue Procedure later this month that will relieve individual taxpayers from filing Forms 3520 & 3520A with respect to certain foreign retirement plans.

The IRS has also indicated that individuals who have been penalized for failure to file these forms may be able to have these penalties abated, or if penalties have been paid to receive a refund, if the relevant tax years are still “open” years.

It is not yet clear whether this new Procedure will apply to forms that must be filed for the 2019 tax year.

We will update this blog as soon as the details become clear.

If you have any questions, please contact us.