Revocable Trust Regarding Foreign Trust
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A foreign trust with a U.S. owner must timely file a complete and accurate Form 3520-A and furnish the required annual statements to its U.S. owners and U.S. beneficiaries in order for the U.S. owner to avoid penalties for the foreign trust's failure to file a Form 3520-A.
For the purpose of part I, subchapter J, chapter 1 of the Internal Revenue Code, the term foreign trust created by a United States person means that portion of a foreign trust (as defined in section 7701(a)(31)) attributable to money or property (including all accumulated earnings, profits, or gains attributable to ...
If your trust cannot pass one of the following two tests, you can assume it is a foreign trust: Control Test: U.S. persons control the substantial decisions of the trust. Court Test: U.S. courts have jurisdiction over trust administration.
U.S. persons who are treated as owners of a foreign trust under the grantor trust rules must ensure that the foreign trust timely files a complete and accurate Form 3520-A, Annual Information Return of Foreign Trust with a U.S. Owner, and furnishes the required annual statements to its U.S. owners and U.S. ... Foreign Trust Reporting Requirements and Tax Consequences IRS (.gov) ? international-businesses ? foreig... IRS (.gov) ? international-businesses ? foreig...