Form 3520 Featured Blog Posts
Form 3520 Penalty Explained In recent years, the Internal Revenue Service has significantly increased enforcement of the Form 3520 filing requirements. Form 3520 is used for several different reasons, but one of the primary purposes of the form is for U.S. Persons to report large foreign […]
Are Gifts of Foreign Cash Taxable or Reportable When it comes to reporting foreign transactions to the IRS, most U.S. taxpayers (living in the U.S. or abroad) are familiar with having to disclose foreign accounts, assets, investments, trusts, and businesses. For example, a taxpayer may own […]
Gifts from Foreign Persons In recent years, the IRS has significantly increased enforcement of Form 3520 and Form 3520-A compliance for reporting foreign gifts, trusts, and inheritances. U.S. Taxpayers who meet the threshold requirements for filing this international information reporting form should be sure to file […]
The IRS Announces Excellent Changes to Late Form 3520 Rules Finally, after many years of Tax Practitioner challenges to the IRS enforcement protocols for international information reporting penalties – with a focus on Forms 3520/3520-A — the Internal Revenue Service has taken notice. The NTA blog […]
What is a CP15 Notice for Form 3520? A U.S. taxpayer may have to file many different international information reporting forms each year to disclose their foreign accounts, assets, investments, businesses, gifts, and trusts to the IRS. One of the most common types of international information […]
Form 3520 Penalty A U.S. taxpayer may have to file many different international information reporting forms each year to disclose their foreign accounts, assets, investments, businesses, gifts, and trusts to the IRS. One of the most common types of international information reporting forms that Taxpayers […]
5 Facts About Form 3520 While there are many different types of international tax reporting forms that a U.S. person may have to file each year to disclose their foreign accounts, assets, investments, and income to the Internal Revenue Service — one of the most important […]
Do I have to Talk to an IRS Agent for Failing to File Form 3520? For many U.S. taxpayers who are out of compliance for failing to report foreign accounts, assets, investments, and/or income, at some point, they realize that they want to get back into compliance and […]
Form 3520-A Filing Requirements & Reporting Rules While the U.S. tax and reporting of foreign accounts, assets, and investments in general can be very complicated, the rules involving the filing and reporting of foreign trusts can be overwhelmingly complex for many tax filers. Foreign trusts are […]
Proposed Foreign Gift and Trust Regulations The reporting of foreign trusts and large gifts and inheritances is a very complex aspect of international tax law. That is in part because many aspects of foreign trust laws have not been properly updated to coincide with COLA […]
Form 3520-A Filing Requirements & Reporting Rules 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? […]
Is a Malta Pension Plan Reported as a Trust In recent years, the Malta Retirement Scheme (aka Malta Pension Plan or ‘MRS’) has become a key enforcement priority for the IRS and DOJ. That is because the U.S. government believes that many Taxpayers only opened their […]
Who Reports Foreign Inheritance to the IRS? One of the most complicated aspects of having to report international transactions, assets, investments, etcetera is that the IRS requires taxpayers to do it even when there is no tax return filing requirement. Even when a U.S. Taxpayer may […]
Will Form 3520 Fines Become Subject To Deficiency Procedures For the past several years, the Internal Revenue Service has specifically targeted international information reporting noncompliance as a key enforcement priority. Oftentimes, U.S. taxpayers are penalized extensively for their failure to report foreign accounts, assets, investments, trusts, […]
What is IRS Form 3520? While the FBAR is the most common type of international information reporting form that US persons with foreign accounts may have to file, there are several other types of IRS foreign tax forms that US persons may have to file as […]
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 […]