Form 3520-A

Form 3520-A

A form one files with the IRS providing information on a foreign trust owned by a U.S. person. Each U.S. owner of a single foreign trust must file a separate Form 3520-A. This is an information return, but some of the income or assets reported may be taxable.
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Some taxpayers will be relieved of filing responsibilities if they already file Forms 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts; Form 3520-A, Annual Information Return of Foreign Trust with a U.
From 1990 through 2006, the number of Form 3520 returns filed reporting foreign "grantor" and "nongrantor" trust transactions and certain foreign gifts rose from 133 to 7,956 (almost 5,900 percent), while the number of Form 3520-A foreign "grantor" trust returns filed rose from 291 to 3,819 (over 1,200 percent) (Figure A).
If you filed for an extension to file Form 3520-A (originally due on March 15), file the form.
source, it must file Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts; Form 3520-A, Annual Information Return of Foreign Trust With U.
From 1990 through 2002, the number of Form 3520 returns filed reporting foreign trust transactions and certain foreign gifts rose by over 3,400 percent, while the number of Form 3520-A foreign "grantor" trust returns filed rose by over 700 percent (Figure A) [1].
MCNAMARA, SOLE PRACTITIONER, LAKE FOREST, CA, AND MEMBER, AICPA TAX DIVISION'S TRUST, ESTATE & GIFT TAX TECHNICAL RESOURCE PANEL, FOREIGN TRUST FORM 3520 TASK FORCE, FORM 3520-A TASK FORCE, AND TRUST ACCOUNTING INCOME TECHNICAL ISSUES TASK FORCE
For 1998, some 1,572 Form 3520-A information returns were filed with the Internal Revenue Service, over five times the number of returns filed for 1990.
Form 3520-A will need to be filed annually with the IRS.
Once the trust is established, an annual Form 3520-A is required to disclose the trust's income and financial position.
Exempt Canadian registered retirement savings plans (RRSPs) and registered education savings plans (RESPs) from the Form 3520-A filing requirements and their U.
In addition to the Form 3520 requirement, Form 3520-A, Annual Information Return of Foreign Trust With a U.
owners of foreign trusts were required to file annually Form 3520-A, Annual Information Return of Foreign Trust With a U.