Do you generally not have to pay any penalties with delinquent international information return submission
If you are required to file international information returns, such as Forms 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations) or 8938 (Statement of Specified Foreign Financial Assets), and you fail to file them on time, you can be subject to substantial penalties. However, the IRS may provide relief from penalties for delinquent international information returns if you meet certain conditions. For example, if you can show that the failure to file was due to reasonable cause and not willful neglect, the IRS may abate the penalty. This generally requires a written statement explaining the reasons for the late filing, accompanied by a complete and accurate report. Additionally, the IRS has procedures such as the Delinquent International Information Return Submission Procedures (DIIRSP) that may allow taxpayers to come into compliance without facing penalties if they haven't been contacted by the IRS for an examination or a request for the delinquent returns and they have reasonable cause for not timely filing the information returns. It's important to consult with a tax professional or attorney who specializes in international tax matters to determine the best course of action if you have delinquent international information returns. They can help you assess your situation, advise you on potential penalties, and assist you in making a submission under the appropriate IRS procedure to minimize or avoid penalties.
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