Need Help with IRS Form 3520? Speak to a Dual-Licensed Tax Attorney and Certified Public Accountant
If you’re struggling with foreign account reporting obligations and audits, don’t hesitate to ask for help from the competent tax attorneys at Frost Law.
Report foreign gifts, inheritances, and trust transactions accurately
File late or unfiled Form 3520 disclosures to restore compliance
Abate or minimize severe failure-to-file international penalties
Defend your assets during targeted international tax audits
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The filing requirements on Form 3520 for foreign trusts, accounts, large gifts or inheritances can be tricky. Have all of your questions answered and get the help you need by contacting our tax team. Our attorneys have helped expats from around the world to resolve their Form 3520 issues and other international tax questions.
Call (443) 545-3023 now or fill out our brief contact form to request a confidential consultation.
Do You Need to File Form 3520?
There are 3 common reasons you might file Form 3520:
- You are a U.S. citizen or resident who owns a foreign trust
- You make certain transactions with a foreign trust
- You receive a large gift or inheritance from certain foreigners
What Do You Report on Form 3520?
- Foreign trusts and accounts
- Receipt of large gifts or inheritances from certain foreigners
- Ownership of foreign trusts following the rules of sections Internal Revenue Code (IRC) 671-679
Each foreign trust transaction must be filed separately. Therefore, get an experienced attorney to ensure you have Form 3520 filed correctly and to save yourself from serious consequences.
When Do You File Form 3520?
- April 15th for a U.S. person
- June 15th for a U.S. person who qualifies for one of the following conditions:
- Lives outside of the country and Puerto Rico AND their business or post of duty is outside of the country and Puerto Rico
- In the military or naval service outside of the country and Puerto Rico
- October 15th for a U.S. person who is granted more time to file an income tax return
If you are unsure of which deadline applies to you, you should consult a tax attorney as soon as possible so you can file your Form 3520 on time.
What’s the Difference Between Form 3520 and 3520-A?
Form 3520-A, which is closely related to Form 3520, deals with trusts that have multiple owners, amongst other differences and it has a different filing deadline.
- You only need to file Form 3520-A if you manage foreign trusts with U.S. beneficiaries
- However, you are not required to file Form 3520-A if you have certain foreign trusts used exclusively for retirement funds, medical purposes, educational purposes, and some other criteria
- March 15th is the deadline for filing Form 3520-A
Knowing which forms to file can be confusing.? We recommend leaving it to the Frost Law professionals.
Do You Need Help Filling Form 3520? We Know What to Do!
No matter what your situation is, what is important is that you have all the information you need to file it correctly and on time so you do not get fined or penalties from the IRS. Now is the time to reach out to the tax team at Frost Law. Our attorneys can find the best solution that makes sense for your situation. Let us help.
Complete the contact form or call (443) 545-3023 today to arrange a confidential consultation with experienced, dual-licensed tax attorneys and CPAs. Based on the East Coast, Frost Law serves clients across the country and abroad.
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