Rev Proc 2020-17- Tax Relief for certain foreign trusts

02 Mar 2020 3:36 PM | Anonymous

Revenue Procedure 2020-17 exempts from foreign trust information reporting requirements certain U.S. individuals’ transactions with, and ownership of, certain tax-favored foreign trusts that are established and operated exclusively or almost exclusively to provide pension or retirement benefits, or to provide medical, disability, or educational benefits.  In addition, this revenue procedure provides procedural guidance for certain eligible individuals on how to request abatement of penalties that have been assessed, or refunds of penalties that have been paid, for a failure to comply with the information reporting requirements regarding these foreign trusts.

Revenue Procedure 2020-17 will be in IRB 2020-12, dated March 16, 2020.

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