Extremely Important Deadline Monday for Tax Filing Requirements for Foreign Trusts

Mar 12, 2021

The purpose of this reminder is to make sure you meet important IRS deadlines, which are fast approaching. These deadlines apply, for example, to any Integrated Estate Planning Trust (“IEPT”) classified as a foreign trust for U.S. tax purposes. There are certain filing requirements that must be met by both the settlor(s) of a foreign trust as well as by the trustee of the IEPT. Furthermore, any beneficiaries of the IEPT who received any distributions during 2020 should be made aware of their own filing requirements as mentioned below.

Below is a list of the various forms that may need to be filed and their respective annual due dates:

Document	Filing Date
IRS Form 3520-A	March 15 for most trusts (technically the 15th day of the 3rd month after the trust’s taxable year-end)
IRS Form 3520	April 15
IRS Form 1040NR	June 15 (or April 15 if the trust has a U.S. office)
Appointment of U.S. agent	Before filing IRS Form 3520-A (before March 15)
FinCEN Form 114	April 15 unless automatically extended to October 15
IRS Form 8938	April 15
Form FSA-153	Within 90 days of a transfer of agricultural property

As stated above, there are also certain filing requirements that need to be observed by certain IEPT beneficiaries who received a distribution during the tax year. The two forms mentioned above that apply to any such beneficiary are Form 3520 and Form 8938, both of which would be due by April 15.

Except for the Appointment of the U.S. agent, there can be substantial penalties for any late filing of the aforementioned forms.

Should you have any questions regarding the various reporting requirements and IRS deadlines please contact us.

About Greenspoon Marder

Greenspoon Marder LLP is a full-service law firm with over 225 attorneys and more than 20 office locations across the United States. With operations from Miami to New York and from Denver to Los Angeles, our firm attracts some of the nation’s top talent in key markets and innovation hubs. Our core practice areas include Real Estate, Litigation, and Transactional Services, complemented by the capabilities of a full-service firm. Greenspoon Marder has maintained a spot on The American Lawyer’s Am Law 200 as one of the top law firms in the U.S. since 2015, and our goal is to provide exceptional client service by developing a thorough understanding of each client’s business needs and objectives in order to provide strategic, cost-effective solutions.

MEDIA CONTACT

Natalie Villanueva, Director of Marketing
954.333.4308 | [email protected]

This Greenspoon Marder LLP Client Alert is issued for informational purposes only and is not intended to be construed or used as general legal advice nor a solicitation of any type. Please contact the author(s) or your Greenspoon Marder LLP contact if you have any questions regarding the currency of this information. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer’s legal qualifications and experience.

Previous Next

News

Extremely Important Deadline Monday for Tax Filing Requirements for Foreign Trusts

Share

News & Events

News & Events