The IRS has issued guidance in regards to Forms 3520 and 3520A in Rev. Proc. 2020-17
that that modify the requirements under section 6048 to exclude eligible individuals’ transactions with, or ownership of, these applicable tax-favored foreign trusts from information reporting which may change or eliminate the reporting requirements for certain foreign trusts such as those that provide retirement benefits, educational savings and disability benefits.
It also states that you can get a refund or abatement if you been assessed a penalty for late filing of Form 3520 or 3520A for 2016 - 2018 or paid an earlier year within the last 2 years for a foreign grantor trust such as: the RESP, RDSP, & Non US Pension Plans.
This is an opportunity for taxpayers or the clients of Expat Tax professionals who are affected to seek a refund of penalties as outlined in the new guidance. But there are some requirements which an experienced expat tax expert like American Expat Tax Service can advise you on if you qualify and how to proceed.
Read Our Recent Press Release on the Topic Here...
Let us get help you get the penalties abated and the amount you paid refunded !
Contact AET today to speak to an Expat Tax Specialist to get started.