IRS Form 3520

If you are a U.S. citizen during the reporting tax year or the executor of an estate for U.S. citizens and/or their dependents, it is important for you to understand when you are required to report specific transactions dealing with foreign trusts.

Persons meeting at least one of the following requirements must file IRS Form 3520 each year:

Depending on whether you are the owner of a foreign trust, the recipient of a distribution from a foreign trust or which other requirement(s) you met above; this dictates what portions of Form 3520 are filled out as not all parts are required. If you need additional assistance understanding or filing the six page Form 3520, please contact a tax attorney at Moskowitz LLP.

Remember, failure to file IRS Form 3520 on time includes the following penalties:

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