The Fairness in Foreign Filing Act aims to enhance taxpayer protections and standardize the assessment of tax penalties under the Internal Revenue Code. It amends existing law to treat most tax penalties as assessable in the same manner as taxes, with an exception for penalties collected through civil or criminal actions. A significant provision introduces a new requirement for the Internal Revenue Service to provide a preliminary notice before assessing certain "covered penalties," primarily those related to foreign information reporting. This notice must detail the proposed penalty, its basis, and inform the taxpayer of their right to request a review by the IRS Independent Office of Appeals. Taxpayers are given at least 60 days (120 days for those outside the U.S.) to request this review, during which time assessment and collection of the penalty are suspended. The bill also repeals specific due date requirements for certain information returns concerning foreign trusts, effective for taxable years beginning after December 31, 2026, thereby providing taxpayers with more transparency and an opportunity for administrative review before penalties for foreign filing non-compliance are finalized.