List of required foreign tax returns and reports for a foreign trust–U.S. grantors

A knowledgeable and experienced CPA must prepare and file foreign tax returns and reports for U.S. persons who settle (create) foreign trusts.  The penalties for late filing or filing improperly or incorrectly completing the forms and reports are high.

Form SS-4, Application for Employer Identification Number (EIN).  The IRS must be called on the telephone to obtain this number; and the lawyer or CPA makes the call.  
 

Form 56–Notice Concerning Fiduciary Relationship.  https://www.irs.gov/pub/irs-pdf/f56.pdf   (Apparently not required to be filed but good to do so.)

Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (Under Section 6048(b)).   Due March 15, 2017 (for tax year ending December 31, 2016).   Extension to file Form 3520-A, filed on or before March 15, 2017:  Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.  https://www.irs.gov/pub/irs-pdf/f7004.pdf
 
 
 
Form 3520–Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts.   Due April 15, 2017 (for tax year ending December 31, 2016).  Due with Form 1040.  https://www.irs.gov/pub/irs-pdf/f3520.pdf
 
 
 
Form 709–United States Gift (and Generation-Skipping Transfer) Tax Return.  Due April 15, 2017 (for tax year ending December 31, 2016). https://www.irs.gov/pub/irs-pdf/f709.pdf
 
 
 
Form 1041–U.S. Income Tax Return for Estates and Trusts.  Due April 15, 2017 (for tax year ending December 31, 2016).  https://www.irs.gov/pub/irs-pdf/f1041.pdf
 
 
 
FinCEN Form 114–Report of Foreign Bank and Financial Accounts. Filed electronically. Due April 15, 2017 (for tax year ending December 31, 2016).  Automatic extension to October 15, 2017.  https://www.fincen.gov/report-foreign-bank-and-financial-accounts
 
 
Schedule B, Part III–Form 1040.  https://www.irs.gov/pub/irs-pdf/f1040sb.pdf
 
 
 
Foreign Account Tax Compliance Act (FATCA), Form 8938–Statement of Specified Foreign Financial Assets.  https://www.irs.gov/pub/irs-pdf/f8938.pdf
 
 
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