Finanse publiczne · 09/07/2003

Waiver of Information Reporting Penalties-Determining Whether Correction is Prompt

The IRS proposes new regulations regarding the waiver of penalties for failing to file correct information returns, outlining the conditions under which a correction is considered prompt. The proposed rules clarify the timeframe for prompt correction, which is 30 days from the required filing date or August 1 following that date, unless otherwise announced by the IRS.