“Reasonable Cause” When Dealing with the IRS

On November 5, 2020, the IRS removed the Delinquent Information Submission Procedure Program from its Offshore Compliance Options Menu.  Before the removal of this program, a US Taxpayer could file a “delinquent” international information tax return with what is known as a Reasonable Cause Statement from which the IRS could waive non-compliance penalties if a US Taxpayer was able to establish Reasonable Cause to the satisfaction of the IRS. ...
By: Foodman CPAs & Advisors

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