The IRS Provides Good News for Certain American Expats

Are you an American who has lived or worked overseas and owns Foreign Trusts? Have you paid a penalty for late filed Form 3520 or 3520A for 2016,2017,2018 or paid an earlier year penalty within the last 2 years or have clients that did?

If so, there may be good news for you, according to Mary Beth Lougen, President of American Expat Tax Service. This week the IRS issued new guidance in Rev. Proc. 2020-17 that may exempt qualifying U.S. citizens and residents with Foreign Trusts from the onerous reporting requirements. This means that you may not have to file the Form 3520, due April 15th, and Form 3520A, due March 16th going forward if you qualify.

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