The IRS is aware of penalty notices released to partnerships and trusts following current proposed regulations under the Foreign Account Tax Compliance Act, or FATCA, and is looking to rectify this issue, an agency official said Wednesday.
Special Counsel in the IRS’s Office of Associate Chief Counsel (International) John Sweeney said the IRS was aware of notices released to partnerships and trusts using the “lag method” described in proposed regulations (1545-BO30) reducing the withholding burden under FATCA and Chapter 3.
“We do have to take a good look at the lag method aspect of those proposed ...
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