Foreign Trust information reporting.

• Author: Laffie, Lesli S.
• Position: AICPA Activities

The AICPA has commented to the IRS on Forms 3520-A, Annual Information Return of Foreign Trust with a U.S. Owner, and 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. The comments urge the IRS to:

* Exempt Canadian registered retirement savings plans (RRSPs) and registered education savings plans (RESPs) from the Form 3520-A filing requirements and their U.S. owners from the Form 3520 filing requirements for reporting transfers to RRSPs and RESPs.

* Develop a Form 3520 worksheet...