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The Basics of Form 3520

Form 3520

Form 3520 is required for many U.S. taxpayers with international activity. However, there is still a lot of confusion regarding the basics of the form.

By Bethany Bouw, CPA

Many taxpayers with international activity are becoming more familiar with informational reporting on foreign bank accounts, foreign corporations, and foreign financial assets. However, many still struggle with certainty when it comes to reporting transactions with foreign trusts or receipt of foreign gifts/bequests on Form 3520. As with most foreign informational reporting, this is not a form to be ignored or taken lightly as it carries significant penalties. Read more