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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