The Westin New York Grand Central New York, New York
Richard J. Sapinski
New York University School of Professional Studies
Tips for Contesting Foreign Asset Reporting Penalties
The IRS automatically assesses penalties for foreign asset information returns that it considers delinquent or incomplete. The mistakes that give rise to these failures are often very minor compared to the amount of the penalties assessed. Under current IRS procedures, the only pre-payment remedy is to rely on the IRS to exercise its discretion to abate the penalties based on reasonable cause. This panel will provide tips for navigating the penalty abatement process to help taxpayers avoid incurring significant penalties for relatively minor foot faults.