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Form 3520 Foreign Trust Reporting for Tax Counsel: Navigating Filing Requirements and Penalty Abatements for Delinquencies

April 6, 2017
Strafford Publications Webinar

Aaron Kriss was a featured panelist in a webinar, "Form 3520 Foreign Trust Reporting for Tax Counsel: Navigating Filing Requirements and Penalty Abatements for Delinquencies," for Strafford Publications. Kriss and other panelists provided tax counsel with a comprehensive and practical guide to a deep exploration into reporting regime for U.S. taxpayers' ownership of foreign trust assets on IRS Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. The panel detailed the events and transactions that require reporting, and discussed tax counsel's role in remedying an absent or incorrect filing, including navigating the penalty abatement process for failure to comply and timely file a Form 3520.

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