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Lev, I have a question if we need to fill out Form 3520 and

Hi Lev,I have a question...
Hi Lev,I have a question if we need to fill out Form 3520 and also 3520-A.I have a case where a US tax person received money for selling a company that he used to work for. The money was held by in the foreign country by a "paying agent" and the disbursed to the US tax person.We also believed that the "paying agent" help the funds in a trust in order to keep the money protected until disbursed.We will report all of the income on the tax return but do we need to fill our Form 3520? Also, what about Form 3520-A? Who needs to fill it our? Is it the US tax person of the foreign "paying agent" .Please advise.
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Answered in 57 minutes by:
4/6/2017
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,132
Experience: Taxes, Immigration, Labor Relations
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That is not related to form 3520.

Your client will simply report income from foreign sources.

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If that payment is transferred to a foreign bank account - it will be subject to FBAR reporting.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,132
Experience: Taxes, Immigration, Labor Relations
Verified
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Customer reply replied 7 months ago
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