Gain a better understanding of foreign trusts and the reporting obligations for filing Form 3520.
Not all tax professionals have cross-border exposure and awareness of Form 3520, when it’s required and how severe the penalties are for failure to file such Form. It is an informational form that often gets overlooked. This presentation will help tax professionals: [i] leave with a better understanding of what questions to ask when determining whether there is a filing requirement for their client; [ii] understand the level of detail needed to complete Form 3520; [iii] explain the penalties when filing a late Form 3520 and the options that are available for tax compliance when you have one or more years of delinquency; and [iv] understand recent case law pertaining to this Form.
Learning Objectives
- You will be able to describe the information needed to complete Form 3520.
- You will be able to discuss the recent case law pertaining to this Form.
- You will be able to explain the risks and penalties for failing to file Form 3520.
- You will be able to identify when Form 3520 is necessary.
Agenda
What Is Form 3520
- Purpose of Form
- Filing Categories
- When to File
Information Required
- Detailed Review of Each Part of the Form
IRC Section 6677 Penalties for Failure to File
- When Is the Penalty Accessed?
- How Is the Penalty Calculated?
Compliance Programs
- Streamline Program
- Delinquent International Informational Filing
- Voluntary Disclosure Program
Recent Case Law
- Summarize Recent Case Law
- Take Aways/Lessons Learned
Examples and Q & A
Speakers
Reshma Shah,
Duane Morris LLP- Partner in the New York office of Duane Morris LLP
- Practices in the areas of tax, estate planning and the administration of estates and trusts, with particular emphasis on estate planning for high-net-worth individuals and families with cross-border connections
- Work experience involves premarital agreements, foreign trusts, pre-immigration and expatriation planning, planning for the purchase of U.S. property by non-U.S. persons, asset transfers, and compliance with federal and state estate, gift, inheritance and income tax returns
- Extensive experience with clients disclosing overseas accounts through Voluntary Disclosures and Streamline submissions to the IRS
- Frequently speaks and presents on topics related to cross-border tax and estate planning
- Author and co-author of publications related to the areas of estate planning, post-mortem planning, and federal estate tax equality for same-sex couples
- Member of the International Bar Association (Private Client Tax Committee), New York State Bar Association, Society of Trust & Estate Practitioners (STEP), New York Branch, and the South Asian Bar Association of New York
- J.D. degree, St. John’s University School of Law; B.A. degree, magna cum laude, Macaulay Honors College at The City College of New York
Who Should Attend
This live webinar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, tax preparers, presidents, vice presidents, bookkeepers, and enrolled agents.
