Show navigation

Available in:

OnDemand Webinar
Audio & Reference Manual
MP3 Download

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

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.

Runtime: 99 minutes
Purchase Options

More Program Information

Why Lorman?

Over 31 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

Purchase Options

More Program Information

Why Lorman?

Over 31 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

OnDemand Webinar

This course was last revised on November 21, 2017.

Call 1-866-352-9540 for further credit information.

  • 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).
     
  • AL CPE
     
  • This course is acceptable for 1.5 live credit hour(s) through the Alabama State Board of Public Accountancy.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Purchase Options

More Program Information

Why Lorman?

Over 31 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
  • Advises accountants, business managers and clients throughout the US on the income tax issues and reporting requirements that arise when individuals or companies conduct business outside of the US
  • Assist clients with the offshore migration of US developed Intellectual Property
  • Advises nonresident aliens planning on moving to the US on the US tax reporting requirements that apply once they become a US tax resident, pre-immigration planning to step-up basis of assets, eliminate US tax on previously earned income, etc.
  • Represented some 160 clients with unreported foreign bank accounts, foreign trusts, 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
Purchase Options

More Program Information

Why Lorman?

Over 31 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 401099
Published 2017
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!