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

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.

103 minutes
Course Exam
Certificate of Completion
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Over 35 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 CoTrustees
    • 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 35 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 October 6, 2020.

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

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

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Why Lorman?

Over 35 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
  • Over 30 years of experience in forensic accounting, international tax and tax law
  • Formed International Wealth Tax Advisors (IWTA) in 2015 after leading the international tax division at Deloitte and Touche
  • Specializes in wealth-retention strategies for international investors, multinational businesses, family offices, and U.S. taxpayers working and living abroad
  • Specializes in wealth-retention strategies for international investors, multinational businesses, family offices, and U.S. taxpayers working and living abroad
  • Renowned in both the legal and accounting community as a preeminent expert on foreign trusts and estate taxation
  • Sought-after industry trainer and webinar leader; international speaker for STEP and other organizations
  • Former forensic accountant for U.S. Internal Revenue Service‚Äôs Criminal Investigation Unit
  • Regular author/contributor on international tax and the U.S. tax system to JD Supra, the business-to-business daily - circulation >500,000
  • Member of STEP, NYSSCPA, and EACCNY; board member, Laura Pels International Foundation for Theater
  • Can be contacted at [email protected]
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Over 35 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 2020
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