IRS Eliminates Form 3520 Reporting for Canadian RESPs RDSPs and Certain Other Foreign Trusts

Received this notice from ‘THE BRUNTON, STRACHAN & KHAN CPA FIRM, CHARTERED, 4710 NW BOCA RATON BLVD., SUITE #101, BOCA RATON, FL 33431’U.S. citizens and residents1 are generally required to file IRS Form 3520 to report their ownership of, or transactions with, foreign trusts2. The potential penalty for noncompliance is the greater of US $10,000, 35% of the amount contributed to, or distributed from,…