Foreign Gift & Trust Reporting

IRS Form 3520 Foreign Gift & Trust Reporting Guide

Form 3520 is used by US tax residents to report transactions with foreign trusts and receipts of large gifts ($100,000+) from foreign individuals.

US persons receiving gifts over $100,000 from foreign individuals or over $19,570 from foreign corporations/partnerships in a tax year.

Due on April 15 with your individual income tax return, extendable to October 15 alongside Form 4868.

Form 3520 operates as the primary IRS compliance instrument ensuring penalty-free transfer of foreign inheritance and gift funds to the US.

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Our foreign asset engine processes wire logs, foreign donor credentials, and currency exchange rates to compile audit-proof Form 3520 packages.

✓Form 3520 is an informational return only; reporting foreign gifts triggers zero US income tax liability if filed on time.
✓Failing to file triggers massive IRS penalties of 5% per month up to 25% of the total gift amount; strict adherence to deadlines is critical.
✓Retain foreign wire transfer receipts and Korean bank source-of-funds documents to establish Reasonable Cause for any IRS inquiries.

Submit W-2, 1099, or K-1 forms. Our system reads datasets immediately, preparing clean balances for your professional review.