Events Webinar: What Kind of Trust is This? Foreign/Domestic, Grantor/Nongrantor, Simple/Complex

How do you know whether your client created or is a beneficiary of a foreign trust? Sometimes it's obvious, sometimes not. Unusual foreign entities (anstalts, foundations, etc.) are sometimes classified as trusts. So are foreign pensions.The first step in preparing a correct tax return is asking yourself a simple question: "What IS this thing?"Phil will talk about how to figure out if you have a trust, a business entity, or a custodial account. And if it's a trust, is it foreign or domestic? A grantor trust or a nongrantor trust? A simple or complex trust? Or even (for pension plans) a 402(b) employee benefits trust? The answers to these questions are essential for understanding how the trust's income is taxed and whether you need to prepare Form 3520 or Form 3520-A (or both).