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Phoenix Arizona online Form 3520: What You Should Know

This means there will be a requirement to file a Form 3520 and pay the annual tax payment. Filing the required Form 3520 is part of the registration process, so the process is similar to the filing process for a domestic trust. There are several ways you can be notified of your registration for your bridge: Your certificate will be mailed to you at this address with a link you can click to view your application. Form 3520 Payment Forms If you choose the option to provide payment in cash or non-cash, you will send your payment to the IRS on a form 8300, Statement of Payment (or Form 8721 for a check). For more information, contact your local IRS office Tax Filing and Reporting Fees The annual return reporting and payment of the annual tax filing fee begins at the time you choose to register for your bridge or at any time before you choose to transact with the trust in a Form 3520. You can choose to register in person, by mail or telephone as needed. Each year you must pay an annual report and a one-time assessment of annual tax withholding (Form W-4). The registration and tax filing requirements for the bridge can vary depending on the form and tax status for the trust. For information about each type of registration and application, see the Forms 3520 section of this handout. Form 3520 Registration with IRS If your Bridge Trust is “triggered” you may have to provide a signed Form 2555, Transaction with Foreign Trust or Foreign Tax Receipts, to the IRS as an annual registration by March 31. Your report will be due when you pay your federal income tax withholding in April 2025 (unless you are still the beneficiary of the trust). The IRS will charge you 6.75 per transaction (i.e., a deposit of 150) and will send you a Form 5329. The Form 5329 can be completed and returned with the annual report. See Form 5329 for information about reporting transactions involving foreign trusts and domestic tax filers. If you have received an IRS notice with your income tax withholding or have questions about your status as a trust and the annual report, the Trustee may contact the Trustee. The annual report and annual tax filing requirements end the day you file Form 5329 or in the event your trust is classified as a partnership, when you pay your partnership income withholding in April 2016.

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