Sunday, September 1, 1985
Volume:
1
Issue:
1
Abstract:
On July 24, 1985, final regulations were promulgated relating to information returns required of U.S. persons with respect to certain foreign corporations, and information returns required of certain foreign-owned corporations under Sections 6038 and 6038A. 50 F.R. 30160. The final regulations liberalized the reporting required. For instance, in response to comments requesting a waiver from penalties for persons who "substantially comply" with the reporting rules, the regulations allow reporting corporations to use resonable estimates in filing information returns.