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Tax Home > Resources > Trust, Estate and Gift > Regulation and Administration > AICPA Comments on the Foreign Trust Reporting Rules for Forms 3520 and 3520-A
AICPA Comments on the Foreign Trust Reporting Rules for Forms 3520 and 3520-A

June 17, 2003

 

Mr. Glenn Kirkland
Internal Revenue Service, Room 6411
1111 Constitution Avenue, N.W.
Washington, D.C.  20224


RE: Comments on Form 3520-A and Form 3520

 

Dear Mr. Kirkland:

 

The American Institute of Certified Public Accountants (AICPA) is writing in response to the Service's April 18, 2003, request for comments on Form 3520-A, "Annual Information Return of Foreign Trust with a U.S. Owner." Although not specifically requested, we have also commented on Form 3520, "Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts" because it is closely linked to Form 3520-A. The AICPA is the national, professional organization of certified public accountants comprised of more than 350,000 members. Our members advise clients on federal, state, and international tax matters, and prepare income and other tax returns for millions of Americans. They provide services to individuals, not-for-profit organizations, small and medium-sized businesses, as well as America's largest businesses.

 

In our attached comments, we urge the IRS to: (1) exempt Canadian Registered Retirement Savings Plans (RRSPs) and Registered Education Savings Plans (RESPs) from the Form 3520-A filing requirements, and exempt their U.S. owners from the Form 3520 filing requirements for reporting transfers to RRSPs and RESPs; (2) develop a Form 3520 worksheet tailored to foreign trust distributions as a substitute for using Form 4970; (3) change the due date for Form 3520-A to April 15, with extensions; and (4) adopt a uniform method for filing prior years' Forms 3520 and 3520-A to facilitate compliance.

 

Thank you for the opportunity to comment on these forms. Please feel free to contact me at (202) 414-1705; Rick Gimbert, Chair of the Form 3520 Task Force, at (404) 220-1849; or Eileen Sherr, AICPA Technical Manager, at (202) 434-9256, to discuss any of our comments further. Thank you for taking the time to consider this matter.

 

Sincerely,

 


Robert A. Zarzar
Chair, Tax Executive Committee

 

cc: Willard W. Yates, IRS Office of the Associate Chief Counsel (International)
Amanda A. Ehrlich, IRS Office of Associate Chief Counsel (International)
Barbara Angus, U.S. Department of Treasury International Tax Counsel

 

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Copyright © 2003 by the American Institute of Certified Public Accountants, Inc., New York, New York.