Gain a better understanding of foreign trusts and the reporting obligations for filing Form 3520.
Not all tax professionals have cross border exposure and awareness of Form 3520, when it’s required and how severe the penalties are for failure to file such Form. It is an informational form that often gets overlooked. This presentation will help tax professionals: [i] leave with a better understanding of what questions to ask when determining whether there is a filing requirement for their client; [ii] understand the level of detail needed to complete Form 3520; [iii] explain the penalties when filing a late Form 3520 and the options that are available for tax compliance when you have one or more years of delinquency; and [iv] understand recent case law pertaining to this Form.
Learning Objectives
- You will be able to describe the information needed to complete Form 3520.
- You will be able to discuss the recent case law pertaining to this Form.
- You will be able to explain the risks and penalties for failing to file Form 3520.
- You will be able to to identify when Form 3520 is necessary.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
| What Is Form 3520 | |
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| Information Required | |
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| IRC Section 6677 Penalties for Failure to File | |
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| Compliance Programs | |
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| Recent Case Law | |
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| Examples and Q & A | |
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
Live Webinar Registration
- AIPB 1.0
- This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
Enrolled Agents 1.0
- In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 1.0 Continuing Education Credit(s) for enrolled agents.
CPE 1.2 including Taxes 1.2
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.2 hours. Prerequisite: intermediate knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
OnDemand Course
This course was last revised on October 6, 2020.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Who should attend?
This live webinar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, tax preparers, presidents, vice presidents, bookkeepers, and enrolled agents.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Reshma Shah
Duane Morris LLP
- Partner in the New York office of Duane Morris LLP
- Practices in the areas of tax, estate planning and the administration of estates and trusts, with particular emphasis on estate planning for high-net-worth individuals and families with cross-border connections
- Work experience involves premarital agreements, foreign trusts, pre-immigration and expatriation planning, planning for the purchase of U.S. property by non-U.S. persons, asset transfers, and compliance with federal and state estate, gift, inheritance and income tax returns
- Extensive experience with clients disclosing overseas accounts through Voluntary Disclosures and Streamline submissions to the IRS
- Frequently speaks and presents on topics related to cross-border tax and estate planning
- Author and co-author of publications related to the areas of estate planning, post-mortem planning, and federal estate tax equality for same-sex couples
- Member of the International Bar Association (Private Client Tax Committee), New York State Bar Association, Society of Trust & Estate Practitioners (STEP), New York Branch, and the South Asian Bar Association of New York
- J.D. degree, St. John’s University School of Law; B.A. degree, magna cum laude, Macaulay Honors College at The City College of New York
- Can be contacted at [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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