Foreign Trusts With CPA Gary Carter: Forms 3520, 3520A And IRS Penalties

<p>January 4, 2021 - Participants Include:</p> <p> </p> <p>John Richardson - <a href='https://www.twitter.com/expatriationlaw'>@Expatriationlaw</a></p> <p>Gary Carter - <a href='http://www.gwcarter.com'>GWCarter.com</a></p> <p> </p> <p>Prologue 2019:</p> <p>In 2019 thousands of Americans abroad were issued $10,000 penalties for the alleged late of filing of IRS Form 3520A.<a href='https://www.google.com/search?q=taxconnections.com%2Ftaxblog+Gary+Carter+Form+3520A&source=hp&ei=BnNzYdGSEou7gwfa0ICYDA&iflsig=ALs-wAMAAAAAYXOBFnbjcwrgg9T1V2QMSasVURleduOc&ved=0ahUKEwjRrYvvvd_zAhWL3eAKHVooAMMQ4dUDCAk&uact=5&oq=taxconnections.com%2Ftaxblog+Gary+Carter+Form+3520A&gs_lcp=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&sclient=gws-wiz'> The Form 3520A penalty story was well documented and discussed at Tax Connections by CPA Gary Carter</a>. Ultimately the efforts of Gary and others played a role in <a href='https://www.irs.gov/pub/irs-drop/rp-20-17.pdf'>Revenue Proc 2020-17</a> which provided a filing exemption for certain "Foreign Trusts". For those interested I highly recommend the following two posts at Tax Connections.</p> <p><a href='https://www.taxconnections.com/taxblog/form-3520-and-substitute-form-3520-a-for-foreign-trusts-and-gifts-from-nonresidents/'>Form 3520 and Substitute Form 3520A For Foreign Trusts And Gifts From Nonresidents</a></p> <p> </p> <p><a href='https://www.taxconnections.com/taxblog/treasury-exempts-applicable-tax-favored-foreign-trusts-from-the-form-3520-and-therefore-form-3520a-requirement/'>Treasury Exempts Applicable Tax Favored Fore