White Paper

Tax Planning for Sexual Harassment Claims - US Taxpayers - Foreign Gifts

 
“When the parties involve a payor who is an international (i.e. non-US person) intricate tax reporting rules may arise under IRS Form 3520 which requires an annual report be filed for US taxpayers who receive foreign gifts from foreign persons (i.e. Non-Resident Aliens “NRAs”/Foreign Estates or through a nominee for a foreign donor) if the gift or aggregate gift was for more than $100k in any tax year, or over $15,601 if received from a foreign corporation or partnership.

The penalties for failure to report include: up to 25% of the amount of the gift, and up to 40% of the amount of the underpayment of tax attributable to any “undisclosed foreign financial asset.

In the case of any transfer directly from a foreign partnership or foreign corporation which the recipient treats as a gift the Secretary of the Treasury (IRS) may recharacterize such transfer (as income) to avoid tax evasion. The IRS may also impose an accuracy-related penalty of 20% for the underpayment of tax required to be shown on the tax return.”

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Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.

Faculty

Gary S. Wolfe

The Wolfe Law Group

Agenda

Faculty

Gary S. Wolfe

The Wolfe Law Group

Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.

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