International Tax: Foreign Reporting Challenges by US Beneficiaries of Foreign Trusts
This course will provide practical guide to U.S. tax reporting obligations of US beneficiaries of foreign trusts and non-grantor trusts, including filing Forms 3520 and 3520-A.
2:15 PM - 3:05 PMTue
Pompeian I
This course will provide practical guide to U.S. tax reporting obligations of US beneficiaries of foreign trusts and non-grantor trusts, including filing Forms 3520 and 3520-A. I will explain the events and transactions that trigger the requirements to file various IRS Forms on an annual basis and penalties associated with non-compliance.
The learning objectives:
1. How to identify whether a trust is domestic or foreign
2. How to identify whether a trust is grantor vs non-grantor
3. What IRS Forms are required annually when there are distributions from a foreign grantor and non-grantor trust
4. Sourcing rules related to items of income from foreign trusts and impact to US beneficiaries
5. Penalties associated with missed IRS forms with respect to distributions from foreign trusts