Form 3520

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Form 3520

A form that a U.S. person files with the IRS to report some transactions with a foreign trust, ownership of a foreign trust, or certain gifts from a foreign person or corporation. One must file a separate Form 3520 for each foreign trust with which one interacts.
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Forms 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts', 3520-A, Annual Information Return of Foreign Trust With a U.
beneficiary, multiple Forms 3520 may relate to one foreign trust (which, in turn, would file one Form 3520-A, if it had a U.
Foreign trusts that are not business entities must now file Forms 3520 and 3520A.
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.
The majority of Forms 3520 filed reported trust transactions or trust ownership, although the percentage of Forms 3520 related to gift or bequest transactions was significant (Figure C).
3) The scope of the Form 1041NR project will encompass many legal issues and substantiation of facts that must be incorporated in the form(s) and instructions, including Forms 3520 and 3520-A.
The 1998 foreign trust statistics, reported on Forms 3520 and 3520-A, show the substantial growth of foreign investment by U.
Expanded information reporting requirements have been added for grantors and beneficiaries of foreign trusts on Forms 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Gifts, and 3520-A, Annual Information Return of Foreign Trusts.
persons on 384 Forms 3520, an average of approximately $2.
1) See "AICPA Comments on the Foreign Trust Reporting Rules for Forms 3520 and 3520-A," available at www.
P is the grantor of a foreign trust and is required to file Forms 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and 3520-A, Annual Information Return of Foreign Trust with a U.