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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This case involved the penalties for failing to file Forms 3520 and 3520-A.
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.
For delinquent informational returns, the taxpayer must submit the information return with an amended return (except Forms 3520 and 3520-A, which are exempt from this requirement) and a statement that establishes reasonable cause for failing to tile such returns.
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).
The delinquent information forms, except for Forms 3520 and 3520-A (which are filed separately according to the instructions for those forms), should be attached to an amended return filed in accordance with the amended return's instructions.
There is no requirement to report this interest on Forms 3520, 3520-A, or 8891.
The 1998 foreign trust statistics, reported on Forms 3520 and 3520-A, show the substantial growth of foreign investment by U.
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.
persons on 384 Forms 3520, an average of approximately $2.
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.