Opportunities Exist to Challenge Taxpayers’ Penalty Assessments for Failure to Report Large Foreign Gifts
By EsqSocial Corporation 28/03/24
U.S. citizens and residents who have received gifts (including bequests) exceeding certain thresholds from foreign persons must generally report such gifts to the IRS. Recipients of such gifts who do not report them in a timely fashion face penalties as high as 25% of the gifts’ value, plus interest, and the IRS has been quick to assert such penalties. Individuals may be able to challenge the IRS’s assertion of such penalties, but must tread carefully in doing so....
By: Kelley Drye & Warren LLP