< iframe width="480" height="320" src="https://www.youtube.com/embed/jQrSBBFZ_q0?rel=0" frameborder="0" allowfullscreen >< img style="float: left; margin:0 5px 5px 0;" src="http://ustaxreview.org/wp-content/uploads/2021/05/rcQg6l.jpg"/ > https://www.goldinglawyers.com. What is Income Procedure 2020-17? Rev. Proc. 2020-17: IRC 6048 Exemptions & 3520 Penalty Relief:. The Rev. Proc 2020-17 is an IRS Earnings Procedure that supplies Relief for specific Reporting of Foreign Trusts and Foreign Trust Penalties. The new income procedure was released in March. Rev. Proc 2020-17 limits the amount of reporting needed for specific foreign trusts( to avoid duplicate reporting )and supplies procedures to obtain a reduction of penalties already released for non-reporting of details returns including foreign trusts. And, with the Internal Profits Service taking an aggressive method on foreign accounts compliance and unreported foreign earnings-- the revenue treatment will prove to be extremely beneficial to U.S. persons who own -or have an interest in- foreign trusts.