Substitute 3520-a Form 2023-2024

Substitute 3520-a Form: What You Should Know

Treasury Notice ‑. Notice for the . Penalty on U.S. persons for late filing of Forms “(3520) and ‐3520-A. If the IRS's penalty applies, the penalty and interest must be paid in the order they are paid. The IRS's Assessment of Fees For Substantive Failure to File Form 3520-A (IRS Form 3412-A or ‡ Form 3412-A) (IRS Forms 31-2202 and 32-2283) (IRS Form 3350-A, ‡ Form 3350-A.‡ or Form 3350-B (Form 31) in Certain Cases). (IRS Form 31) (IRS Form 3350-A, ‡ Form 3350-A.‡ or Form 3350-B (Form 31)), or (IRS Form 3340-B and Form 3340-B, unless the U.S. owner has elected to have the penalties assessable on Form 3520-A (IRS Form 3412-A or ‡ Form 3412-A)). The IRS could not impose a penalty on the U.S. owner on the basis of the Form 3520-A (or ‡ Form 3412-A) unless the nonresident alien foreign trust had failed to file Form 3520-A (or ‡ Form 3412-A) by the due date of that form (and not on the return year). If the Form 3412-A (or ‡ Form 3412-A) was filed by the foreign trust on or before January 1, 2022, then the form was filed on or before January 1, 2021. But if Form 3412-A (or ‡ Form 3412-A) was filed by the foreign trust on or after January 1, 2022, then the form was filed on or after January 1, 2020. The penalties are assessed when the foreign trust is discovered late filing its annual return on time, but has failed to file Form 3520-A or Form 3520-A in the manner prescribed by the Code (section 6693(b)(4)) or Rules (subsection 6694(b)).

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