Glossary

Form 3520-A – Annual Information Return of Foreign Trust With a U.S. Owner

What is Form 3520-A: Annual Information Return of Foreign Trust With a U.S. Owner?

Form 3520-A is an IRS form that must be filed annually by a foreign trust with a U.S. owner. It provides the IRS with detailed information about the trust’s assets, income, and activities during the tax year, helping ensure U.S. citizens are paying taxes on their global income.

  1. Glossary Article

Recommended for You

Energy Equity Tax Credit

The Energy Equity Tax Credit is a federal incentive aimed at promoting energy-efficient upgrades and investments, encouraging sustainable practices, and ensuring equitable access to energy resources.

Smart Agriculture Training Credit

The Smart Agriculture Training Credit is a tax credit aimed at supporting farmers and agricultural professionals in enhancing their skills through accredited training programs. This credit incentivizes continued education in modern farming technologies and sustainable practices.

Medical Expenses Deduction

The Medical Expenses Deduction allows taxpayers to deduct certain medical expenses that exceed a specified percentage of their adjusted gross income, reducing taxable income.

Tech Startup Expansion Credit

The Tech Startup Expansion Credit is a tax incentive designed to support tech startups in their growth phase. By providing tax relief, it encourages investments in technology and infrastructure.

Workforce Health Improvement Tax Credit

The Workforce Health Improvement Tax Credit enables businesses to receive tax incentives for providing health improvement programs for their employees. This initiative aims to promote wellness and reduce healthcare costs.

CP523P Notice

The CP523P Notice is an IRS notification reminding taxpayers of missed payments on their installment agreements, essential for maintaining compliance and avoiding penalties.

Willful Negligence

Willful negligence in tax matters refers to knowingly failing to comply with tax laws, involving deliberate oversight or disregard for compliance obligations.

Tax Lien Contestation Procedures

Tax Lien Contestation Procedures are essential for disputing tax liens, ensuring lawful compliance, and maintaining financial stability through structured dispute methods.

Team Collaboration Software Deduction

The Team Collaboration Software Deduction offers a way for businesses to write off expenses related to software that enhances teamwork and productivity, aiding in tax savings and operational efficiency.