Do U.S. Taxpayers living abroad need to file a Form 3520 and Form 3520A?
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Tax Professional Answers
Dan Gordon
The US tax law is not necessarily location specific so if you have Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, then you need to file these forms accordingly. Without these there is not requirement to file these forms no matter where you live.
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203 weeks ago
John Richardson
It’s true. Many Americans abroad will no longer have to file Form 3520 and Form 3520A to report their lives abroad! Early indications appear that many Americans will (assume their retirement vehicle does qualify as a trust) be required to report on Form 3520. This new initiative from Treasury a positive step in the right direction.
I have long thought that Treasury could solve many of the problems experienced by Americans abroad. Here is a wonderful example of Treasury taking the initiative to clarify the obvious.
Read this article on the subject: www.taxconnections.com/taxblog/treasury-exempts-applicable-tax-favored-foreign-trusts-from-the-form-3520-and-therefore-form-3520a-requirement/
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202 weeks ago
I have long thought that Treasury could solve many of the problems experienced by Americans abroad. Here is a wonderful example of Treasury taking the initiative to clarify the obvious.
Read this article on the subject: www.taxconnections.com/taxblog/treasury-exempts-applicable-tax-favored-foreign-trusts-from-the-form-3520-and-therefore-form-3520a-requirement/