Trusts and estates can carry many foreign reporting obligations. This 75-minute webinar on trusts and estates foreign asset reporting explains those obligations, best practices for avoiding penalties and how to resolve past noncompliance.
You'll learn who the responsible parties are, the FATCA and FBAR reporting requirements, and when Form 3520 is needed for gifts, inheritances or distributions from a foreign trust. Owners of foreign trusts must also file Form 8938 and the FBAR, and the trust itself files Form 3520-A each year, which calls for a full set of books, an income statement and a balance sheet.
The panel also reviews recent cases and the government's efforts to assess penalties.
The government collects FBAR penalties from beneficiaries and executors even after death and distribution; in United States v. Park (N.D. Ill. 2019) the penalty topped $3.5 million. Non-willful violations carry a $10,000 penalty that reasonable cause can waive, while willful ones can reach $100,000 or 50% of the balance, so advisers must tell them apart.
The session suits tax preparers, fiduciaries, accountants, attorneys and advisers working with trusts, estates and nonresidents.
The government collects FBAR penalties from beneficiaries and executors even after death and distribution; in United States v. Park (N.D. Ill. 2019) the penalty topped $3.5 million. Non-willful violations carry a $10,000 penalty that reasonable cause can waive, while willful ones can reach $100,000 or 50% of the balance, so advisers must tell them apart.
The session suits tax preparers, fiduciaries, accountants, attorneys and advisers working with trusts, estates and nonresidents.
Patrick J McCormick
Patrick J McCormick is a partner with Culhane Meadows, a United States law firm with prominent experience and specialty in the international realm. Patrick practices exclusively in the area of international taxation; he has extensive experience in handling complex tax planning, structuring, and compliance issues for foreign businesses with United States operations, United States businesses with foreign operations, and individual taxpayers with international ties. He regularly works conjunctively with advisors both in the United States and abroad to assist with international tax issues faced by their clients.Patrick is a prolific contributor to a multitude of tax journals and legal publications, …
NEW Nacha Rule - Third-Party Sender (TPS) Roles and Respons…
Paying and Receiving Payments for Referrals: You Can Go to …
FDA Technology Modernization Action Plan (TMAP) and Impact …
Human Factors Usability Studies Following ISO 62366 and FDA…
Validation Statistics for Non-Statisticians
Construction Lending And Real Credit Administration: Evalua…
Thriving in a Hybrid Workplace: Keys to Leadership and Team…
Excel Power Skills: Master Functions, Formulas, and Macros …
Discover how Emotional Intelligence turns AI from a technic…
Batch Record Review and Product Release
Tattoos, hijabs, piercings, and pink hair: The challenges …
Handbook Overhaul 2026: Compliance, OBBB Act & Beyond
Copilot and HR: An Introduction for HR Professionals
Female to Female Hostility @Workplace: All you Need to Know
ChatGPT for HR - Build HR Policy Framework and Strategy
Excel Spreadsheets; Develop and Validate for 21 CFR Part 11…
Major cGMP Issues: FDA Concerns in 2026
The Perfect Storm Coming to Healthcare: Value Based Care Me…
Fostering a Culture of Respect: Eliminating Gossip, Rumour…
Language is Code - Intro to AI - Generative AI - ChatGPT an…
Excel + AI: The Smart User's Guide to Faster, Easier Work w…
The Importance of the first 5 seconds when presenting
Managing Difficult Employee Conversations
ChatGPT and Project Management: Leveraging AI for Project M…
I-9 Audits: Strengthening Your Immigration Compliance Strat…
Pivot tables beginner to advanced + 20 advanced Pivot table…
Emotional Intelligence: Mastering the Emotions of Great Lea…
2026 Nacha Rules Changes (Part 1): Fraud Monitoring & Ops B…
Accounting For Non Accountants : Debit, Credits And Financi…
Medical Device Cybersecurity Following FDA’s 2026 Premarket…
Performance of Root Cause Analysis, CAPA, and Effectiveness…
Human Error Reduction Techniques for Floor Supervisors