Form 3520 & No Tax Return
Form 3520 & No Tax Return: A common misconception that many taxpayers (understandably) have, is that if a person is not required to file a tax return, then they are not required to file a form 3520 with the IRS – but that is incorrect. In fact, nearly all international information reporting forms are required to be filed by taxpayers in any year they meet the threshold requirements for reporting the particular form – even if they do not have to filing tax return.
The main (common) exception to this rule is form 8938.
Therefore, if you meet the form 3520 filing requirement, then you are required to file the form even, if you do not have to file a tax return in the year the 3520 reporting is due.
Form 3520 Filing Rules
While the filing date for the form 3520 coincides with the person’s tax filing date, there is no requirement that a person has to file a tax return in order to be subject to the requirements for having to file a form 3520.
In other words, if a person has to file a form 3520 they are not exempt from filing simply because they may not have met the threshold for having to file a US tax return in the year the form 3520 is due.
The form 3520 as filed separately from your income tax return.
As provided by the IRS:
“In general, the due date for a U.S. person to file a Form 3520 is the 15th day of the 4th month following the end of the U.S. person’s tax year.
If a U.S. person is granted an extension of time to file an income tax return, the due date for filing Form 3520 is the 15th day of the 10th month following the end of the U.S. person’s tax year.
Internal Revenue Service Center
P.O. Box 409101
Ogden, UT 84409″
Form 3520 Filing Specialist Team
Our firm specializes exclusively in international tax, and specifically IRS offshore disclosure, including help clients with late reporting of Forms 3520 and 3520-A.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.
Each case is led by a Board-Certified Tax Law Specialist with 20-years experience, and the entire matter (tax and legal) is handled by our team, in-house.
*Please beware of copycat tax and law firms misleading the public about their credentials and experience.
Less than 1% of Tax Attorneys Nationwide Are Certified Specialists
Our lead attorney is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.
Recent Case Highlights
- We represented a client in an 8-figure disclosure that spanned 7 countries.
- We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
- We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
- We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
- We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
How to Hire Experienced Offshore Counsel?
Generally, experienced attorneys in this field will have the following credentials/experience:
- 20-years experience as a practicing attorney
- Extensive litigation, high-stakes audit and trial experience
- Board Certified Tax Law Specialist credential
- Master’s of Tax Law (LL.M.)
- Dually Licensed as an EA (Enrolled Agent) or CPA
Interested in Learning More about our Firm?
No matter where in the world you reside, our international tax team can get you IRS offshore compliant.
We specialize in FBAR and FATCA. Contact our firm today for assistance with getting compliant.
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