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DId you receive a gift from a foreign person?
When a U.S. Person receives a Gift from foreign person Individual or Business that exceeds the IRS reporting threshold, the U.S. person must file a Form 3520. The Form 3520 is due when the tax return is due to be filed — and is required even if a tax return is not required to be filed.
What are the penalties for not reporting to the irs on Form 3520?
The penalties for not reporting the form 3520 are steep. For gifts, the IRS tends to issue a penalty equivalent to 25% of the value of the Gift. The IRS has been regularly issuing these penalties on an IRS CP 15 Notice, and there is a limited window of time to respond.
did you receive a foreign trust distribution
The Form 3520 is not just for foreign gifts, per se. It also include reporting certain distributions or ownership of a Foreign Trust. When a U.S. Person also have a foreign trust issue, there is usually an additional reporting requirement on Form 3520-A.
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