Form 3520 Foreign Trust Reporting: Filing Deadlines, Requirements, and Liabilities
1 hour 40 minutes
Gain a better understanding on the differences in a foreign trust versus a United States trust and the reporting obligations for filing Form 3520.
This topic will provide you with the fundamentals of U.S. foreign trust taxation; the reporting requirements, the taxation of foreign trust distributions, how to compute foreign nongrantor trust distributable net income, the filing requirements, the penalties for late and non-filing, the 65-day election rule and the accumulated income rules (i.e., Throwback Tax). Additionally, you will be exposed to civil law wealth transfer structures that may also be treated as foreign trusts and other international information returns that may be required to be filed by beneficiaries and grantors of foreign trusts.
• You will be able to identify what distinguishes a foreign trust from a U.S. trust.
• You will be able to discuss when a foreign grantor trust becomes a foreign nongrantor trust.
• You will be able to define throwback tax.
• You will be able to review tax reporting obligations.