Form 3520 Foreign Trust Reporting for Tax Counsel: Filing Requirements and Penalty Abatements for Delinquencies
Establishing Reasonable Cause Exceptions, Appeals Prior to Payment, Collection Due Process, and More
A live 90-minute premium CLE/CPE video webinar with interactive Q&A
This CLE/CPE webinar will provide tax counsel with a comprehensive and practical guide to a deep exploration into the reporting regime for U.S. taxpayers' ownership of foreign trust assets on IRS Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. The panel will detail the events and transactions that require reporting and discuss tax counsel's role in remedying an absent or incorrect filing, including navigating the penalty abatement process for failure to correctly and timely file a Form 3520.
Outline
- Determining owners and responsible parties
- Reportable events
- Obligations
- Gratuitous transfers
- Qualified obligations
- Distributions and calculations
- Gifts and bequests
- Other form items
- IRC Section 6677 penalties for failure to file and relief provisions
- Calculation of penalties
- Section 6048 special rules
- Reasonable cause exception
- Form 3520 reporting and schedule preparation
Benefits
The panel will review these and other key issues:
- What "reportable events" trigger a Form 3520 filing requirement?
- What is the overlap between Form 3520 and other foreign information reporting requirements?
- What are the filing requirements for the U.S. beneficiary of a foreign non-grantor trust?
- What are the penalties and relief provisions for failing to file a Form 3520 or Form 3520-A?
- What are the processes for establishing a reasonable cause exception for penalty abatement?
Faculty
Alison N. Dougherty, J.D., LL.M., CPA
Partner
Aronson
Ms. Dougherty specializes in U.S. international tax reporting, compliance, consulting, planning, and structuring as a... | Read More
Ms. Dougherty specializes in U.S. international tax reporting, compliance, consulting, planning, and structuring as a significant contributor to the firm’s international tax practice. She has extensive experience assisting clients with U.S. tax reporting and compliance for offshore assets and foreign accounts. Ms. Dougherty provides outbound U.S. international tax guidance to U.S. individuals and businesses with activities in other countries. She also provides inbound U.S. international tax guidance to nonresident individuals and businesses with activities in the U.S. Ms. Dougherty has counseled U.S. taxpayers regarding the outbound formation, capitalization, acquisition, operation, reorganization, and liquidation of foreign companies. She has significant experience with U.S. federal nonresident tax withholding, foreign partner tax withholding, and FIRPTA withholding. She works closely with nonresident individuals and businesses regarding inbound U.S. real property investment. Additionally, Ms. Dougherty has assisted U.S. taxpayers with IRS amnesty program disclosures of offshore assets and foreign accounts.
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