Articles Posted in foreign gift reporting

Form 3520 Penalty: What to Do If You Missed Reporting a Foreign Gift or Inheritance
Kugelman Law

The Form 3520 penalty is one of the harshest in the Internal Revenue Code. A U.S. person who receives a gift or inheritance from a foreign person exceeding the annual reporting thresholds and fails to timely file Form 3520 faces a penalty of up to 25% of the gift or inheritance — even though the…

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