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100-minute live streaming program
  • This event was held November 21, 2017.
  • 1:00 - 2:40 pm EST

Form 3520 Foreign Trust Reporting: Filing Deadlines, Requirements, and Liabilities

This event was held November 21, 2017.

Gain a better understanding of the filing requirements and penalties for delinquencies when filing Form 3520.

Do you know whether a trust is a foreign trust or a U.S. trust and the different filing and reporting requirements applicable to each? Do you know that a U.S. trust can become a foreign trust if there is a change of trustees? This topic will address these and many other questions, help you understand how to complete the forms so that they will be accepted by the IRS; help you advise clients who have failed to file the forms in prior years and understand the penalties that might apply in such cases as well as how to reduce such penalties.

Learning Objectives

- You will be able to determine whether a trust is a U.S. or foreign trust, and when and how a trust governed by U.S. law can become a foreign trust for U.S. tax purposes.

- You will be able to describe the reasons for filing the forms as well as the penalties for failure to file the forms on a timely basis.

- You will be able to discuss the filing requirements for nonresidents moving to the U.S.

- You will be able to recognize when to file delinquent forms and how to minimize the applicable penalties for late filing.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

How to Determine Whether a Trust Is a U.S. or Foreign Trust, When That Characterization Might Change, the U.S. Filing Requirements for Foreign Trusts on Forms 3520 and 3520-A
What Are Reportable Events?
  • Transfers of Assets to Foreign Trusts by U.S. or Foreign Grantors
  • When Are Debt Obligations Deemed to Be Trust Distributions?
  • The Qualified Debt Obligation Exception, Gratuitous Transfers
  • Distributions From Foreign Trusts and Interest Charge Calculations, Bequests From Decedents, etc.
  • The Information Required to Be Reported on the Forms; and the Overlap of Form 3520 and Form 8938
The Rules Under Sections 679, 6048 and 6677 Which Are Applicable to Foreign Trusts Will Be Reviewed
The Filing of Delinquent Forms, Including the Various Options Available Under the 2014 Offshore Voluntary Disclosure Program
How to Establish Reasonable Cause Under the Different Penalty Exceptions
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

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  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: intermediate knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Taxation for 2.0 hours.
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 2.0 hours of continuing professional education.
     

Who should attend?

This live webinar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, tax preparers, presidents, vice presidents, bookkeepers and enrolled agents.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Charles S. Kolstad

Charles S. Kolstad

Mitchell Silberberg & Knupp, LLP

  • Tax partner in the Los Angeles office of Mitchell Silberberg & Knupp, LLP
  • Represented some 160 clients with unreported foreign bank accounts, foreign trusts, etc.
  • Advises accountants, business managers and clients throughout the U.S. on the income tax issues and reporting requirements that arise when individuals or companies conduct business outside of the U.S.
  • Advised nonresident aliens planning on moving to the U.S. on the U.S. tax reporting requirements that apply once they become a U.S. tax resident, pre-immigration planning to step-up basis of assets, eliminate U.S. tax on previously earned income, etc.
  • Frequent speaker on income tax and international reporting requirements, and regularly prepares tax bulletins on topical issues
  • During his career, he has been a tax partner at both Coopers & Lybrand LLP and Ernst & Young LLP
  • J.D. degree, The University of Notre Dame; M.B.A. degree, Columbia University; B.Sc. degree, Villanova University
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401099
Published 2017
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