Course Details

Form 3520 Foreign Trust Reporting: Filing Deadlines, Requirements, And Liabilities

Webinar: ID# 1026467
Recorded CD
About This Course:
Do you know whether a trust is a foreign trust or a U.S. trust and the different filing and reporting requirements applicable to each? Do you know that a U.S. trust can become a foreign trust if there is a change of trustees?

This webinar will address these and many other questions, help you understand how to complete the forms so that they will be accepted by the IRS, help you advise clients who have failed to file the forms in prior years and understand the penalties that might apply in such cases as well as how to reduce such penalties.


How to Determine Whether a Trust Is a U.S. or Foreign Trust, When That Characterization Might Change, the U.S. Filing Requirements for Foreign Trusts on Forms 3520 and 3520-A
What Are Reportable Events?
  • Transfers of Assets to Foreign Trusts by U.S. or Foreign Grantors
  • When Are Debt Obligations Deemed to Be Trust Distributions?
  • The Qualified Debt Obligation Exception, Gratuitous Transfers
  • Distributions From Foreign Trusts and Interest Charge Calculations, Bequests From Decedents, etc.
The Rules Under Sections 679, 6048 and 6677 Which Are Applicable to Foreign Trusts Will Be Reviewed
The Filing of Delinquent Forms, Including the Various Options Available Under the 2014 Offshore Voluntary Disclosure Program
How to Establish Reasonable Cause Under the Different Penalty Exceptions
About The Presenter

Charles S. Kolstad
  • Tax partner in the Los Angeles office of Mitchell Silberberg & Knupp, LLP
  • Represented some 160 clients with unreported foreign bank accounts, foreign trusts, etc.
  • Advises accountants, business managers and clients throughout the U.S. on the income tax issues and reporting requirements that arise when individuals or companies conduct business outside of the U.S.
  • Advised nonresident aliens planning on moving to the U.S. on the U.S. tax reporting requirements that apply once they become a U.S. tax resident, pre-immigration planning to step-up basis of assets, eliminate U.S. tax on previously earned income, etc.
  • Frequent speaker on income tax and international reporting requirements, and regularly prepares tax bulletins on topical issues
  • During his career, he has been a tax partner at both Coopers & Lybrand LLP and Ernst & Young LLP
  • J.D. degree, The University of Notre Dame; M.B.A. degree, Columbia University; B.Sc. degree, Villanova University
Form 3520 Foreign Trust Reporting: Filing Deadlines, Requirements, And Liabilities
or via CD
Course Details
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