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
Recording of a 90-minute premium CLE/CPE video webinar with Q&A
This CLE/CPE course 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
Anthony V. Diosdi
Partner
Diosdi Ching & Liu
Mr. Diosdi is an experienced trial lawyer who regularly defends individuals and corporations in matters involving tax... | Read More
Mr. Diosdi is an experienced trial lawyer who regularly defends individuals and corporations in matters involving tax controversies and government regulatory enforcement. He also has vast experience assisting clients who find themselves with unreported or undeclared bank accounts outside the U.S. Mr. Diosdi is acknowledged as one of the nation’s leading experts in contesting penalties associated with failing to file FBARs. In addition to representing clients in tax controversy matters, he advises clients on U.S. international tax matters, including tax planning with respect to their structures and transactions. In particular, Mr. Diosdi has experience advising on issues relating to tax treaties, pre-immigration planning for foreigners moving to the U.S., expatriation planning, tax planning for foreign companies doing business in the U.S., and subpart F income minimization. More recently, he has focused on helping clients navigate U.S. tax reform, including the regimes for Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income, and the new limitations on foreign tax credits.
Close
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.
Close
Steven L. Walker
Attorney
Law Offices of Steven L. Walker
Mr. Walker's practice focuses on representing businesses and individuals facing tax controversies before the... | Read More
Mr. Walker's practice focuses on representing businesses and individuals facing tax controversies before the federal and state taxing agencies. He also handles estate planning, trust and probate administration. Mr. Walker is personable and knowledgeable and known for providing skilled advocacy and expertise.
Close