Federal Register #15450159

IRS Seeks Public Comment on Forms 3520 and 3520-A Information Collection

This opportunity is an administrative notice from the Internal Revenue Service (IRS) seeking public comment on information collection for Forms 3520 and 3520-A. - Government Buyer: - Department of the Treasury, Internal Revenue Service (IRS) - No OEMs or vendors are involved, as this is not a procurement of products or services - Products/Services Requested: - Public feedback on Forms 3520 (Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts) - Public feedback on Form 3520-A (Annual Information Return of Foreign Trust With a U.S. Owner) - Unique/Notable Requirements: - The IRS is seeking input to improve the quality and reduce the burden of these information collections - No part numbers, purchase quantities, or technical product requirements are specified - No contract value, period of performance, or procurement competition is associated with this notice

Description

The Internal Revenue Service (IRS) is requesting comments on the information collection associated with Forms 3520 and 3520-A. Form 3520 is used by U.S. persons to report certain transactions with foreign trusts, ownership of foreign trusts, and receipt of certain large gifts or bequests from foreign persons. Form 3520A is the annual information return of a foreign trust with at least one U.S. owner, providing information about the trust, its U.S. beneficiaries, and owners. Comments on this information collection request are invited to improve the quality and minimize the burden of the collection.

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