Form 3520 Featured Blog Posts

  Did You Inherit Money from Another Country With the globalization of the US economy and more individuals from across the globe relocating to the United States to reside as a US person, it is important to have a firm understanding of the US tax implications […]
Section 643(b) Trusts The Internal Revenue Service hates abusive tax schemes. For centuries, promoters, attorneys, and other tax professionals across the globe have been developing questionable tax promotions designed to entice taxpayers into believing that they can avoid taxes by operating within the nuances of the […]
Foreign Trust Reporting and Taxes When it comes to international tax and reporting, foreign trust tax and reporting are two of the most complicated aspects of annual foreign investment compliance. This is because of many different reasons, such as: What is a foreign trust? When is […]
Definition of Foreign Trust Created by a U.S. Person When it comes to international tax law and overseas asset reporting compliance, one of the most complicated aspects of disclosure involves Foreign Trusts. That is because a trust can be defined in many different ways and have […]
Is my Foreign Legal Structure a Trust? There are many different types of foreign entities across the globe. A foreign entity may be a foreign corporation, trust, partnership — or other venture. For example, a Sociedad Anonima (S.A.) is considered a per se corporation under US […]
Who Has a Form 3520/3520-A Filing Obligation? While there are many different types of international information reporting forms that US Persons may have to file to disclose their foreign accounts, assets, investments, and income to the IRS — Forms 3520 and 3520-A are two of the […]
What is the Definition of a Beneficiary for Trust? One of the most complicated aspects of foreign trust reporting is often just trying to determine who is considered a US beneficiary for US Tax purposes. The reason why this is so important is that whether or […]
Is a Foreign Inheritance Taxable  One of the most common questions that US persons have when they receive an inheritance from a foreign person is whether or not that inheritance is taxable by the IRS. This is a very complicated question because it is impacted by […]
How are Distributions from Foreign Trusts Taxed The US tax system can be very confusing, especially when foreign income is involved. That is because, unlike most other tax systems across the globe, the United States follows a Citizenship-Based Taxation model. This means, that if a person […]
Form 3520 Form 3520: In recent years, the Internal Revenue Service has significantly increased the enforcement for the reporting of foreign gifts and trusts. When a US person receives a large gift from a foreign person or has certain transactions with a foreign trust — they […]