Fill Form 3520 Outcomes 2023-2024

Hello, this is Chris from FATCA Services CA. I will be going over the information returns that you may be required to file as the Foreign Account Tax Compliance Act (FATCA) will be taking effect on July 1st, 2014. This is very important since foreign financial institutions will be legally required to file account information of individuals with US ties to the IRS. The forms I am going to talk about are the FBAR (Form 8938), Form 8891, and Form 3520. The FBAR (Report of Foreign Bank and Financial Accounts) is required to be filed if a US citizen has financial interest or signature authority over at least one financial account located outside the US, and the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year. Next, we have Form 8938, which is a statement of specified foreign financial assets. You are required to file Form 8938 when the aggregate value of your total financial assets exceeded $50,000. However, the threshold may be higher in some cases. Despite similarities, Form 8938 reporting is separate from the reporting requirements for the FBAR, and it is to be attached to the Canadian non-resident US taxpayer's tax return. Form 8891 is for Canadian non-resident US taxpayers who hold or have been a beneficiary to a Canadian RSP or RIFF account. The form details contributions, may include accrued but not distributed amounts, and distributions received. Canadian non-resident US taxpayers are required to file this form every year, and it is used to elect to defer US tax accrued on RSP or RIFF accounts. Separate Form 8891 forms are required for each RSP or RIFF account. Form 3520 is an annual return to report ownership of foreign trusts, transactions of foreign trusts, and receipts of certain foreign gifts. Separate Form...