IRS Forms 3520: Foreign Trust Reporting Requirements
EVENT DATE:
Dec 15,2022
PRESENTER(s): Patrick McCormick, JD, LLM
12:00 PM ET | 11:00 AM CT | 09:00 AM PT |
120 Minutes
This program has been approved NASBA & IRS CPE Credit 2(Taxes)
International Tax: All About Foreign Trusts
The Internal Revenue Service has become increasingly aggressive in penalty assessments against taxpayers failing to file required international information forms. Outside the FBAR, the largest information return exposures (as to financial penalties) come from failures to file Forms 3520.
This program will give detailed background on circumstances where the form is required, as well as cover applicable penalties. We'll then analyze how to best approach penalty mitigation/elimination for clients' assessed penalties.
Session Highlights:
- Identify when a taxpayer has a foreign reporting obligation.
- Who must file a Form 3520-A or ensure that a Form 3520-A is filed;
- When and where the Form 3520-A must be filed
- Recognize the circumstances in which the form is required
- Determine the applicable penalties
- Evaluate how to best approach penalty mitigation/elimination for clients' assessed penalties
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- IRS Course ID: PJGWS
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA's
- Tax Attorneys
- Accountants
- Tax Compliance Managers
- Tax Compliance Officers
- Enrolled Agents
- Finance professional
- Other Tax Professionals
Speaker Profile:
Patrick McCormick, JD, LLM is a principal and attorney at Drucker & Scaccetti (D&S) who focuses on international taxation and related issues for domestic businesses and individuals. He has extensive experience in handling complex tax planning and tax controversy issues as well as the design, drafting and implementation of estate and gifting plans for American citizens and residents with foreign assets. He also helps clients with retroactive disclosures and assessments related to international assets.
Prior to joining D&S, Patrick was an attorney at a New Jersey-based law firm, where he created, developed and led its international practice. He worked on complex foreign estates, qualified domestic trusts and corporate/partnership planning for foreign entities.
