Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts; Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner.

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 3520 Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts	Form	Modified	Repair queued
Form 3520 Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts	Form	Modified	Repair queued
Form 3520-A Annual Information Return of Foreign Trust With a U.S. Owner	Form	Modified	Available
2023 Supporting Statement (1545-0159)-clean-2-23-2023.docx	Supporting Statement A	Uploaded 2023-02-28	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
39650	Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts	Form	Modified	Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
39650	Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts	Form	Modified
39650	Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts	Instruction	Modified
237311	Annual Information Return of Foreign Trust With a U.S. Owner	Form	Modified	Annual Information Return of Foreign Trust With a U.S. Owner
237311	Annual Information Return of Foreign Trust With a U.S. Owner	Instruction	Modified

ICR Details

OMB Control No: 1545-0159	ICR Reference No: 202302-1545-008
Status: Active	Previous ICR Reference No: 201908-1545-004
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts; Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner.
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 11/06/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 02/28/2023
Terms of Clearance: Supporting statement amended during review with responses to public comments.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2026	36 Months From Approved	11/30/2023
Responses	1,820	0	1,820
Time Burden (Hours)	94,537	0	94,537
Cost Burden (Dollars)	0	0	0

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Abstract: U.S. persons file Form 3520 to report certain transactions with foreign trusts, ownership of foreign trusts under the rules of Internal Revenue Code sections 671 through 679, and receipt of certain large gifts or bequests from certain foreign persons. Form 3520-A is the annual information return of a foreign trust with at least one U.S. owner. The form provides information about the foreign trust, its U.S. beneficiaries, and any U.S. person who is treated as an owner of any portion of the foreign trust under the grantor trust rules.

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Authorizing Statute(s): US Code: 26 USC 6039F Name of Law: Notice of large gifts received from foreign persons
   US Code: 26 USC 6048 Name of Law: Information with respect to foreign trusts
   US Code: 26 USC 6677 Name of Law: Failure to file information with respect to certain foreign trusts
   US Code: 26 USC 6408(b) Name of Law: Information with respect to foreign trusts
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 77167	12/16/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 12442	02/27/2023
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

table that charts list of burden

IC Title	Form No.	Form Name
Annual Information Return of Foreign Trust With a U.S. Owner	3520-A	Annual Information Return of Foreign Trust With a U.S. Owner
Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts	3520	Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	1,820	1,820	0	0	0	0
Annual Time Burden (Hours)	94,537	94,537	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $212,923

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 02/28/2023

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