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  • schedule 110 minutes

Completing Form 3520, Part IV for Large Foreign Gift or Bequest Reporting: Satisfying Filing Requirements

$197.00

This course is $0 with these passes:

CPE
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Description

The IRS instructions for preparation of Form 3520, Part IV, opens with, "Note. If you fail to timely report foreign gifts that should be reported under section 6039F, the IRS may determine the income tax consequences of the receipt [emphasis added] of such gift and penalties may be imposed." Then, more congenially adds, "A gift to a U.S. person does not include any amount paid for qualified tuition or medical payments made on behalf of the U.S. person."

For a no-tax-due form, the penalties for non-filing are stiff. Not complying with Section 6039F reporting requirements can evoke penalties of five percent of the amount of the gift monthly up to a total of 25 percent. Determining what gifts are reportable, who is subject to gift reporting, and completing and submitting Form 3520 is not readily apparent. The filing threshold includes an aggregate reporting test requiring giftees to accumulate certain gifts received throughout the year. This threshold varies depending on whether the gift was received from a foreign individual or estate or a foreign corporation or partnership. Nonresident aliens and even minors can have a reporting obligation.

Recipients, international income tax practitioners, and trust and estate advisers all need to understand the reporting obligations for U.S. Recipients of Gifts or Bequests Received From Foreign Persons. Listen as our foreign international tax reporting expert explains the nuances of reporting gifts on Form 3520, Part IV.

Presented By

Mishkin Santa
Principal, Director of International Tax
The Wolf Group, PC

Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift & trust tax compliance, FBAR Assistance, foreign trust tax compliance, exit tax planning, EB-5 investor program, international assignment structuring and planning, offshore voluntary disclosure programs, foreign corporation (Subpart F, Transfer Pricing, E&P Studies), and asset protection planning. His client base includes U.S. citizens living overseas, U.S. nonresidents, EB-5 investors, U.S. domestic individuals and families, international businesses, international based families with investments in multiple jurisdictions and tax residency in multiple jurisdictions, U.S. citizens or residents who are beneficiaries of foreign trusts and who will receive gifts or inheritances from non-US persons,  and trustees of trusts with U.S. grantors or U.S. beneficiaries.


 

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Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Date + Time

  • event

    Thursday, February 1, 2024

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

  1. Introduction and background
  2. Reporting requirements
    1. U.S. persons defined
    2. Reporting thresholds
    3. Aggregate reporting test
  3. Due dates and extensions
  4. Exceptions
  5. Flight of capital and capital control rules
  6. Completing the form
  7. Handling late and missed filings
  8. Additional reporting requirements
  9. Other considerations

The panelist will cover these and other critical issues:

  • Properly completing and submitting Form 3520, Part IV for Large Foreign Gifts or Bequests
  • Handling missed and late filings of Form 3520
  • Understanding who must file, including often overlooked giftees who are subject to Section 6039F reporting requirements
  • Other probable U.S. and foreign filing obligations for large foreign gifts received
  • Applying the aggregate reporting test to foreign gifts received

Learning Objectives

After completing this course, you will be able to:

  • Identify uncommon recipients subject to reporting requirements of IRC Section 6039F
  • Determine penalties that can be assessed for late or non-filing of Form 3520
  • Decide how to apply the aggregate reporting test to foreign gifts received
  • Ascertain differences in filing requirements for individuals and foreign corporations
  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of international taxation including residency determination, foreign entity classifications, application of treaty benefits, as well as GILTI, Subpart F, and the related Section 250 deductions.

BARBRI is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

BARBRI CE webinars-powered by Strafford-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .