Foreign Gift and Trust Reporting on Forms 3520 and 3520-A
Target Audience: CPAs, EAs, Annual Filing Season Program Participants
Field of Study: Taxes (NASBA); Federal Tax (IRS)
IMPORTANT INFORMATION REGARDING CONTINUING EDUCATION CREDIT: THE IRS ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING EDUCATION CREDIT FOR ENROLLED AGENTS (EA) AND ANNUAL FILING SEASON PROGRAM (AFSP) PARTICIPANTS. Others, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.
Note: the credit received from this seminar qualifies as continuing education that is required to obtain the voluntary AFSP – record of completion. However, this website does not offer the AFSP annual federal tax refresher (AFTR) course.
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE:
DISCLAIMER: This Seminar was recorded on JULY 27, 2023, in Atlanta Georgia
Seminar/Program Level: Basic
Recommended Continuing Education Credit: 1
U.S. persons receiving foreign gifts and bequests exceeding certain thresholds are required to file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts. Form 3520 is also required to be filed by U.S. persons with certain transactions with foreign trusts. Form 3520-A, Annual Information Return of Foreign Trust with a U.S. Owner, is required to be filed by U.S. owners of a foreign trust. There are significant penalties associated with late filing or not filing these forms. This session will cover the filing requirements, penalties, and best practices for filing Forms 3520 and 3520-A as well as a high-level overview of Revenue Procedure 2020-17, which exempts eligible individuals from filing Forms 3520 and 3520-A for certain tax-favored foreign retirement and nonretirement savings trusts. At the end of this presentation, you will be able to:
- Interpret who must file Part IV of Form 3520 to report having received large foreign gifts or bequests.
- List the common errors in filing Form 3520.
- Evaluate Revenue Procedure 2020-17 exemptions for certain tax-favored foreign trusts from IRC 6048 reporting.
- Assess who must file Form 3520 and/or Form 3520-A to report transactions with/ownership of foreign trusts.
- State the common errors in filing Form 3520-A.
No prerequisites or advanced preparation are required for this seminar.
Price: $29.00
Continuing education credit is available for this seminar. If you would like to earn credit for a seminar, you must have an account with the IRS Nationwide Tax Forum Online and purchase the seminar. You can purchase seminars one at a time or as a group. After completing the purchase through PayPal, you will be returned to your status page on www.irstaxforumonline.com.
NOTE: You have one calendar year from the date of purchase to complete the seminar.
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