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Foreign Trust information reporting. (AICPA Activities).

The AICPA has commented to the IRS on Forms 3520-A, Annual Information Return of Foreign Trust with a U.S. Owner, and 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. The comments urge the IRS to:

* Exempt Canadian registered retirement savings plans (RRSPs) and registered education savings plans (RESPs) from the Form 3520-A filing requirements and their U.S. owners from the Form 3520 filing requirements for reporting transfers to RRSPs and RESPs.

* Develop a Form 3520 worksheet tailored to foreign trust distributions as a substitute for using Form 4970, Tax on Accumulation Distribution of Trusts.

* Change the due date for Form 3520-A to April 15, with extensions.

* Adopt a uniform method for filing prior years' Forms 3520 and 3520A, to facilitate compliance.
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Author:Laffie, Lesli S.
Publication:The Tax Adviser
Date:Aug 1, 2003
Previous Article:Revised procedures for relief from late S elections.
Next Article:Pension Preservation. (AICPA Activities).

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