BarbriSFCourseDetails
  • videocam On-Demand
  • signal_cellular_alt Intermediate
  • card_travel Tax Preparer
  • schedule 110 minutes

Form 3520-A Line by Line: Preparing Owner and Beneficiary Statements, Avoiding Penalties, Handling Missed Filings

$197.00

This course is $0 with these passes:

CPE
ALL
  1. keyboard_arrow_leftBack
BarbriPdBannerMessage

Description

Form 3520-A is required for foreign trusts with a U.S. owner. If the foreign trustee does not file, the U.S. owner must satisfy the reporting obligation. Similar to Form 1041, U.S. Income Tax Return for Estates and Trusts, Form 3520-A is used to report income, expenses, distributions, assets, and other key information about the trust itself and its beneficiaries. Form 3520-A also requires completion of a Trust Owner Statement and a Beneficiary Statement.

U.S. owners of foreign trusts treated as grantors under IRC Sections 671-679 must complete this form to satisfy its reporting obligations under Section 6048(b). Not complying can evoke a penalty that is the greater of $10,000 or five percent of the value of the beneficiary's portion of the trust; no statute of limitations would run on the imposition of these penalties. There are, however, several exceptions to the filing requirement. International tax advisers working with clients who are grantors of foreign trusts need to understand the filing requirements, exceptions, and how to properly prepare Form 3520-A and its required statements.

Listen as our panel of foreign trust experts discusses preparing Form 3520-A in order to meet the filing obligations under Section 6048(b) and avoid penalties.

Presented By

Jack R. Brister
Managing Member
International Wealth Tax Advisors, LLC

Mr. Brister specializes in U.S. tax planning and compliance for non-U.S. families with international wealth and asset protection structures which include foreign trusts, estates and foundations that have a U.S. connection, as well as foreign companies wanting to do business in the U.S. He also specializes in foreign investment in U.S. real property, and other U.S. assets, pre-immigration tax planning, U.S. expatriation matters, U.S. persons in receipt of foreign gifts and inheritances, foreign accounts and assets compliance, offshore voluntary disclosures, FATCA registration, executives working and living abroad and annual reporting. He has been widely published, in addition to speaking at numerous international engagements.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
John Samtoy
Tax Partner
Holthouse Carlin & Van Trigt LLP

Mr. Samtoy’s practice specializes in international tax compliance and consulting services, with a focus on individuals, closely-held businesses, and hedge funds. He has particular expertise in structuring and reporting foreign manufacturing arrangements and foreign holding companies, and is experienced in foreign asset disclosure requirements, as well as foreign trust and estate reporting.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
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

    Monday, April 28, 2025

  • schedule

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

  1. Form 3520-A: overview
  2. Who must file?
  3. Exceptions to filing requirements
  4. Penalties
  5. Handling missed filings
  6. Preparing the Form, Parts I - III
  7. Foreign Grantor Trust Owner Statement
  8. Foreign Grantor Trust Beneficiary Statement
  9. Additional filings and reporting requirements

The panel will cover these and other critical issues:

  • How to complete the Trust Beneficiary Statement
  • Best practices for handling missed required filings of Form 3520-A
  • When is the U.S. trust owner rather than the foreign trustee required to satisfy the filing requirements?
  • A line-by-line review of preparing Form 3520-A Parts I-III

Learning Objectives

After completing this course, you will be able to:

  • Identify specific exceptions to the filing requirements under Section 6048(b)
  • Determine who is required to file Form 3520-A
  • Decide when a foreign trust owner should take responsibility for meeting filing obligations
  • Ascertain best practices for handling missed filings of form 3520-A
  • 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 .