Foreign Trusts and Completing Forms 3520 and 3520-A (Completed)
Date: Thursday, November 2, 2017
Instructor: Carolyn Turnbull
| Begin Time: |
12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC
2 hours Tax Planning for CFP |
|
Careful attention must be paid when completing the rigorous tax filing obligations for U.S. persons with ties to foreign trusts, including the reporting of certain foreign trust transactions and the receipt of certain foreign gifts on Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts. In addition, key U.S. reporting tax rules and classification issues for foreign trust arrangements unique to U.S. persons living abroad must be carefully managed as even small missteps can trigger an IRS audit.
Join noted international tax expert, Carolyn Turnbull, CPA, M.S.T. in this insightful CPE webinar as she reviews the fundamental U.S. reporting requirements for foreign trusts and the forms used to report information on U.S. ownership of a foreign trust, specific transfers of property to a foreign trust, distributions from a foreign trust, the receipt of gifts or bequests from foreign persons, and more.
As our “thank you for attending” gift, firms registered for this webinar will receive a complimentary issue of Wolters Kluwer’s International Tax Journal in electronic format.
Who Should Attend
Tax and accounting professionals responsible for cross-border tax compliance and planning; public practice CPAs, EAs, tax attorneys and other financial and wealth management advisors working with clients on international tax compliance and planning matters
Topics Covered
- U.S. tax rules for foreign trusts, including persons who transfer property to a foreign trust and foreign trust beneficiaries
- How U.S. taxation of foreign trusts differs from the U.S. taxation of domestic trusts
- Classification issues for determining when a trust is a foreign trust
- Purpose and preparation of Forms 3520 and 3520-A
- Treatment of foreign gifts and bequests
- Potential IRS audit issues and triggers to avoid
Learning Objectives
- Discuss U.S. international tax reporting and compliance for foreign trusts
- Describe the steps required to properly file Forms 3520 and 3520-A
- Identify potential problem areas and pitfalls to avoid
Level
Intermediate
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic knowledge of U.S. international taxation principles
Advance Preparation
None
