Late Form 3520/3520-A Specialists
Have You Received a Gift from a Foreign Person?
When a US Person (Citizen or Resident) receives a gift from a foreign person individual or entity, they may have to report the gift on Form 3520. The failure to report a foreign gift may result in significant fines and penalties. These penalties may be avoided, reduced, or abated.
Are You the Owner of a Foreign Trust?
When a US Person has ownership of a foreign trust, they have significant reporting requirements on Forms 3520-A and 3520. The forms require the taxpayer to divulge substantial amounts of information to the IRS and penalties for noncompliance can be high but may also be avoided, reduced, or abated.
Have You Received a Foreign Trust Distribution?
Unlike foreign gifts, when a US Person receives a trust distribution from a foreign trust, it is generally reportable (and there is no threshold value for reporting). Depending on the type of trust (revocable vs irrevocable) will impact the tax consequences of the distribution.
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Are you at Risk for IRS Form 3520 Penalties?
Missed Reporting a Foreign Gift or Inheritance?
When a U.S. Person receives a Large Gift from a Foreign Individual or Entity, they may have to Report on Form 3520.
Missed Reporting a A Foreign Trust Distribution?
When a U.S. Person receives a Distribution from a Foreign Trust they have to Report on Form 3520.
Do You Have Ownership Interest in a Foreign Trust?
When a US Person has Ownership Interest in a Foreign Trust, they may have a Form 3520-A Filing Requirement.
Qualify for a Reporting Exemption or Penalty Relief?
Even when a Person has a relationship with Foreign Trust, they may qualify for an Exception to Filing.
Received a CP15 Penalty Notice for Form 3520?
When a Taxpayer receives a CP15 Penalty Notice, they have a limited-time to respond to the Penalty Notice.
Was You Initial CP15 Notice Appeal Rejected?
If you received a CP15 Notice and were rejected or missed the time to appeal, you still have other options available.
Form 3520 and 3520-A Services
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