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Live Webinar

100-minute live streaming program
  • October 6
  • 1:00 - 2:40 pm EST

Also available as:

OnDemand Course

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

October 6

Gain a better understanding on the differences in a foreign trust versus a United States trust and the reporting obligations for filing Form 3520.

This topic will provide you with the fundamentals of U.S. foreign trust taxation; the reporting requirements, the taxation of foreign trust distributions, how to compute foreign nongrantor trust distributable net income, the filing requirements, the penalties for late and non-filing, the 65-day election rule and the accumulated income rules (i.e., Throwback Tax). Additionally, you will be exposed to civil law wealth transfer structures that may also be treated as foreign trusts and other international information returns that may be required to be filed by beneficiaries and grantors of foreign trusts.

Learning Objectives

  • You will be able to identify what distinguishes a foreign trust from a U.S. trust.
  • You will be able to discuss when a foreign grantor trust becomes a foreign nongrantor trust.
  • You will be able to define throwback tax.
  • You will be able to review tax reporting obligations.

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Why Lorman?

Over 33 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

What Distinguishes a Foreign Trust From a U.S. Trust?
  • Court and Control Tests
    • Safe Harbor Rules
    • Substantial Decisions
    • U.S. and Foreign Co-Trustees
    • U.S. Trusts Treated as Foreign Trusts
How to Determine If a Trust Is a Grantor or Nongrantor Trust
When Does a Foreign Grantor Trust Become a Foreign Nongrantor Trust?
  • Date of Death and Incapacity Issues
Taxation of U.S. Beneficiaries of Foreign Nongrantor Trusts
  • Computing Distributable Net Income
    • Expenses Allowed Under the Newly Enacted TCJA
  • Distribution Ordering Rules
  • Treatment of Net Capital Losses
  • Accumulated Foreign Trust Income (Undistributed Net Income)
  • Use of Foreign Trust Property
  • 65-Day Distribution Election
Throwback Tax
  • Rules
  • Minimization Strategies
  • Default Method
    • Calculation
    • Minimization Strategy
Tax Reporting Obligations
  • Forms 3520 and Form 3520-A
  • Other Related International Information Returns
Civil Law Wealth Transfer Mechanisms
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Why Lorman?

Over 33 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 Course

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.

Live Webinar Registration

  • 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, LLC. 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.
     

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 33 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

Jack Brister

Jack Brister

International Wealth Tax Advisors

  • Managing member and founder of International Wealth Tax Advisors and has more than 30 years of experience
  • Specializes in U.S. tax planning and compliance for non-U.S. families with international wealth and asset protection structures which include non-U.S. trusts, estates and civil law foundations that have a U.S. connection; and non-U.S. companies wanting to do business in the U.S.
  • Also specializes in non-U.S. persons investing in U.S. real property, and other U.S. assets, pre-immigration planning, U.S. expatriation matters, U.S. persons in receipt of gifts and inheritances from non-U.S. persons, non-U.S. account and asset reporting, offshore voluntary disclosures, FATCA registration and compliance (W-8BEN-E and Form 8966) and executives working and living abroad
  • Widely published, in addition to speaking at numerous international engagements; his article, "Foreign Trusts: The Capital Loss Debate", published by Trusts & Estates professional journal is still the only authority on the treatment of capital losses in computing foreign trust distributable net income
  • Can be contacted at 212-245-1142 or [email protected]
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Why Lorman?

Over 33 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: 407859
Published 2017, 2020
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