U.S. Citizens Holding RESP Exemption from Reporting on Forms 3520 and 3520A for Certain Foreign Trusts, and Retroactive Penalty Relief.
The IRS has issued Rev Proc 2020-17 on March 2, 2020 which eliminates the requirement to file forms 3520 and 3520-A for certain foreign trusts. The new rules further set out procedures to obtain refunds of penalties previously assessed for failure to file these forms for any open year, if conditions are met.
Testimonials
Thx Mark and it’s great to be working with you and your team again this year. We really appreciate your knowledge and guidance as we navigate the Canadian and US tax system over the last couple years. You and your team are our go trusted accountants and we appreciate all that you do.
EH, St Petersburg, FL, 3/6/2026
I'm relieved that my taxes for this year are done. I appreciate you doing my returns very expeditiously.
FA, Stratford, ON, 3/6/2026
I do want to make sure to say I've had an extremely positive experience. International taxes are extremely complicated, especially given my unstructured investment portfolio, and I would not know where to begin. The help (especially with my mother's final taxes) has been greatly appreciated.
JJ, Orleans, ON, 3/6/2026
Thank you for being so clear! Again, thank you for your patience :)
AN, Buffalo, NY, 3/5/2026
Again, thank you so much for your diligence on all of this, really appreciated!!!!
MH, Montreal, QC, 2/28/2026
Thx Mark and it’s great to be working with you and your team again this year. We really appreciate your knowledge and guidance as we navigate the Canadian and US tax system over the last couple years. You and your team are our go trusted accountants and we appreciate all that you do.
EH, St Petersburg, FL, 3/6/2026
I'm relieved that my taxes for this year are done. I appreciate you doing my returns very expeditiously.
FA, Stratford, ON, 3/6/2026
I do want to make sure to say I've had an extremely positive experience. International taxes are extremely complicated, especially given my unstructured investment portfolio, and I would not know where to begin. The help (especially with my mother's final taxes) has been greatly appreciated.
JJ, Orleans, ON, 3/6/2026
Thank you for being so clear! Again, thank you for your patience :)
AN, Buffalo, NY, 3/5/2026
Again, thank you so much for your diligence on all of this, really appreciated!!!!
MH, Montreal, QC, 2/28/2026
Thx Mark and it’s great to be working with you and your team again this year. We really appreciate your knowledge and guidance as we navigate the Canadian and US tax system over the last couple years. You and your team are our go trusted accountants and we appreciate all that you do.
EH, St Petersburg, FL, 3/6/2026
I'm relieved that my taxes for this year are done. I appreciate you doing my returns very expeditiously.
