CPE: 1 hours
Advanced prep: None
Who should attend: CPAs and lawyers.
Transactions with foreign trusts have significant information reporting requirements, even when there is no income and no taxes due. Learn how to distinguish between domestic and foreign trusts, and between foreign grantor and nongrantor trusts; and identify the information returns required when these trusts are involved with U.S. persons.
- Determine when U.S. estate, gift and income tax will apply to assets and income of foreign trusts.
- Identify when Form 3520 and Form 3520-A are required, who needs to file them and what type of information needs to be shown.
- Foreign grantor and nongrantor trusts
- Beneficiary statements: Form 3520 and Form 3520-A