Mastering Form 3520: Reporting Foreign Trust Activities on U.S. Income Tax Returns
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide a deep exploration into 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, discuss filing obligations for beneficiaries of foreign non-grantor trusts, review the form in depth, and help navigate seemingly contradictory form instructions.
- Reporting duties of “owners” and “responsible parties”
- “Reportable events”
- Navigating Form 3520
- Gratuitous transfers
- Qualified obligations
- Distributions and calculations
- Gifts and bequests
- Other form items
- Penalties for failure to file and relief provisions
The panel will discuss these and other critical questions:
- What “reportable events” trigger a Form 3520 filing requirement?
- What info must be reported? When is the 3520 due? Where is the form filed?
- What is the overlap between Form 3520 and other foreign information reporting requirements, such as Forms 5471, 8865, 8621 and Schedule B?
- What are the filing requirements for the U.S. beneficiary of a foreign non-grantor trust?
- What are the penalties, and relief provisions, for failure to file a Form 3520?
Lawrence M. Lipoff, CPA, TEP, CEBS
With more than 30 years of experience, Mr. Lipoff specializes in the delivery of domestic and international private... | Read More
With more than 30 years of experience, Mr. Lipoff specializes in the delivery of domestic and international private client services to enable high net worth individuals and families to maximize their new or generational wealth. He provides strategic advice to his clients and their closely-held businesses in the areas of income tax planning and compliance, estate planning and administration services, consultation regarding formation of family trusts and philanthropic structures. He is a frequent lecturer and author of articles published through professional forums on topics that include preparation of 1040/1041 & 706/709 returns, IRA/pension distribution, domestic and international asset protection, business succession, generation-skipping transfers, S corporation and fiduciary taxation including foreign trusts, alternative minimum tax, Chapter 14, family limited partnerships, international estate planning and administration, grantor charitable lead trusts, captive insurance companies, private placement life insurance and carried interest estate planning for private equity and hedge fund principals.Close
Dianne C. Mehany
Caplin & Drysdale
Ms. Mehany's practice focuses on international tax planning and controversies, including inbound and outbound tax... | Read More
Ms. Mehany's practice focuses on international tax planning and controversies, including inbound and outbound tax planning, foreign tax credits, tax treaties, tax audits, and FATCA planning and compliance. She also has experience in tax compliance of individuals, companies and financial institutions in the cross-border context, including FATCA reporting, reporting of interests in foreign trusts, and offshore financial accounts and assets.Close
Morris N. Robinson, Esq., CPA, LL.M.
M. Robinson & Co.
Mr. Robinson is an experienced tax lawyer and CPA with over 30 years of tax-law experience. Mr. Robinson and his team... | Read More
Mr. Robinson is an experienced tax lawyer and CPA with over 30 years of tax-law experience. Mr. Robinson and his team solve complex financial and tax planning problems that lie at the intersection of taxes, law, finance and business. He focuses his practice on International Taxation and Multistate Taxation of businesses and individuals, including tax planning for the sale of businesses. He has handled highly complex tax issues under the IRS Offshore Voluntary Disclosure Program. Mr. Robinson is currently President of the New England Chapter of the American Academy of Attorney-CPAs (AAA-CPA).Close
Patricia Weisgerber, Esq., LL.M.
M. Robinson & Co.
Ms. Weisgerber's practice areas include federal, state and international tax law. Her experience in international... | Read More
Ms. Weisgerber's practice areas include federal, state and international tax law. Her experience in international tax law includes tax treaty review, international tax compliance under the Offshore Voluntary Disclosure Program, preparation of international tax returns and international tax consultation. She is currently a member of the Boston Bar Association’s International Law Committee and serves as Chairperson for the Philanthropy Committee of the Boston Trusts and Estates Consortium.Close
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