Form 3520-A

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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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owner if the trustee fails to timely file Form 3520A over and above the penalty to timely file Form 3520 itself.
beneficiary of a foreign grantor trust is still required to complete Part III of Form 3520 to report those distributions, and the trustee is still required, pursuant to Form 3520A, to provide the U.S.
entity or trust, additional caution should be taken regarding filing requirements, which may include, by way of example, Form 3520 (Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts), Form 3520A (Annual Information Return of Foreign Trust with a U.S.
There are two returns--Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts and Form 3520A, Annual Information Return of Foreign Trust With a U.S.
person's income tax return is due.(54) The information required to be furnished by the trust must be disclosed on Form 3520A, which is due on each March 15 following the year for which reporting is required.(55) If Form 3520A is not filed, the U.S.
beneficiaries, an information return (Form 3520A) must be filed annually.