IRS Wants Feedback on Fixing Your Foreign Tax Goofs Forms
Published Date: 2/28/2025
Notice
Summary
The IRS is updating some forms that help taxpayers fix past mistakes about foreign assets and taxes. If you want to avoid trouble or penalties, you can use these updated forms to voluntarily disclose or certify non-willful errors. Comments on these changes are open until March 31, 2025, so taxpayers and others can share their thoughts before the updates take effect.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Updated IRS Voluntary Disclosure Forms
You can use updated IRS forms (Forms 14457, 14653, 14654, and revised Form 15023) to voluntarily disclose past foreign assets or to certify that failures to report were non-willful. The IRS estimates 15,091 respondents, about 21 hours 47 minutes per response, and total annual burden of 328,892 hours; the changes reduce responses by 1,478 and reduce annual time burden by 61,496 hours. Comments on these changes are due March 31, 2025.
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