IRS Asks for Input on Foreign Trust Reporting Forms
Published Date: 7/13/2026
Notice
Summary
The IRS wants your thoughts on Forms 3520 and 3520-A, which people dealing with foreign trusts need to file. They’re checking if these forms are clear and not too much work, and they want comments by September 11, 2026. This helps keep the forms easy to use and fair, with no surprise costs or headaches.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Who Must File Form 3520
If you are a U.S. person who receives a large gift or bequest from a foreign person, have certain transactions with a foreign trust, or have ownership of a foreign trust under Internal Revenue Code sections 671 through 679, you must file IRS Form 3520 (Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts). This notice confirms that Form 3520 applies to those U.S. persons.
Foreign Trusts Must File Form 3520-A
A foreign trust that has at least one U.S. beneficiary must file IRS Form 3520-A (Annual Information Return of Foreign Trust with a U.S. Owner). The form reports information about the foreign trust, its U.S. beneficiaries, and any U.S. person treated as an owner under the grantor trust rules.
Estimated Paperwork Time Burden
The IRS estimates the collection will generate 40 responses, with an estimated time per response of 51 hours and 56 minutes, for a total annual burden of 2,078 hours. The affected public is listed as individuals or households.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-11343, Trump Accounts; Hearing
The IRS is holding a public hearing on July 16, 2026, about new rules for opening Trump accounts. People interested in speaking must submit their topics by June 15, or the hearing gets canceled. These changes could affect how certain accounts are managed and reported, so stay tuned for updates that might impact your money and taxes.
2026-11140, Federal Independent Dispute Resolution Operations
Starting soon, health plans and insurers must share clearer info when they pay or deny surprise medical bills. They’ll use special codes to explain these decisions, especially when dealing with folks they don’t have contracts with. This helps patients and providers understand bills better and speeds up fixing disputes, with no extra costs for most people.
2026-09141, Section 45Z Clean Fuel Production Credit; Hearing
The IRS is holding a telephonic-only public hearing from May 27-29, 2026, about new rules for clean fuel production credits. These rules explain who can get credits, how to measure emissions, and how to register. If you’re involved in clean fuel, this could affect your money and how you apply for credits.
2026-08344, Section 45Z Clean Fuel Production Credit; Hearing
The IRS is holding a public hearing in late May 2026 to talk about new rules for the Clean Fuel Production Credit. These rules will explain who can get the credit, how to measure emissions, and what paperwork is needed. If you make clean fuel, these changes could affect your tax credits and when you can claim them.
2026-07104, Occupations That Customarily and Regularly Received Tips; Definition of Qualified Tips
Starting June 12, 2026, the IRS officially lists which jobs regularly get tips and defines what counts as 'qualified tips' for tax deductions. If you earn tips in your job, this rule helps you know what tips you can deduct on your taxes, based on how things stood at the end of 2024. This update aims to keep tip deductions fair and clear, so you can keep more of your hard-earned cash without any guesswork!
2026-07085, Excise Tax on Remittance Transfers
Starting January 1, 2026, certain companies and people who send money transfers to others will face a new excise tax. The IRS is proposing clear rules on who pays this tax and how it works, so everyone knows what to expect. If you’re involved, get ready to follow these new rules and share your thoughts by June 12, 2026!
Previous / Next Documents
Previous: 2026-14004, Takes of Marine Mammals Incidental to Specified Activities; Taking Marine Mammals Incidental to Ferndale Pier Maintenance Activities in Ferndale, Washington
Petrogas Pacific wants to keep doing their pier maintenance in Ferndale, Washington, which might accidentally bother some marine mammals. The government is reviewing their request to renew permission for these activities and is asking the public to share thoughts by July 28, 2026. This renewal means the work can continue without delays, keeping the pier in good shape while protecting sea life.
Next: 2026-14006, Privacy Act of 1974; Matching Program
The National Science Foundation (NSF) is starting a new program to check its benefit records against the Department of the Treasury’s Do Not Pay list. This helps stop wrong payments before they happen and recover any money already paid by mistake. The program kicks off on August 12, 2026, and runs through September 10, 2029, affecting anyone involved with NSF benefits programs.