U.S. Owners of a Foreign Trust Requirements and Deadlines
International Tax Attorneys Ainer & Fraker, LLP (800) 775-7612 discuss Requirements and Deadlines for U.S. Owners of a Foreign Trust
The Internal Revenue Service (IRS) would like to remind all U.S. Owners, U.S. Agents, and Preparers of the filing requirements applicable to Form 3520-A, “Annual Information Return of Foreign Trust with a U.S. Owner (Under section 6048(b)).”
- A Form 3520-A reporting information on Foreign Trust activities is required to be filed by the 15th day of the third month following the end of the trust’s tax year. As a result, Form 3520-A for a foreign trust with a tax year ending December 31, 2011 is due on March 15, 2012. Each U.S. person treated as an owner of the Foreign Trust is responsible for ensuring that the foreign trust files the Form 3520-A and that the trust annually furnishes copies of the Foreign Grantor Trust Owner Statement and the Foreign Grantor Trust Beneficiary Statement to the U.S. owners and U.S. beneficiaries.
- If an extension of time to file is needed, a Form 2758, “Application for Extension of Time to File Certain Excise, Income, Information, and Other Returns,” must be filed with the IRS by the due date of Form 3520-A in order for it to be considered for approval.
- Every foreign trust is required to have its own Employer Identification Number (EIN) to place in Part 1, Line 1b of Form 3520-A. You can obtain an EIN by filing Form SS-4, “Application for Employer Identification Number”, with the IRS. To receive an EIN by telephone, complete Form SS-4, then call the Tele-TIN unit at 267-941-1099 (not toll free).
- Forms SS-4, 3520-A and 2758 are to be mailed to the following address. Internal Revenue Service Center, P.O. Box 409101, Ogden, UT 84409
- In addition, a filing requirement may exist for Form 3520 “Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts”.