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.
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Why Lorman?
Over 32 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 32 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.
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.
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Why Lorman?
Over 32 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
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
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Why Lorman?
Over 32 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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