Cx employer was sold to another CN company. Price Waterhouse says that he may have to file 114. But he only received $9000 USD. Plus the CPAs recommend he file 3520...

Forum|Forum|3 years ago
October 3, 2022
2 replies
32 views

but ProSeries doesn't offer that form.

ProSeries Professional

This topic has been closed for replies.

Best answer by sjrcpa

How much is set aside in his name? That can be totally different than the $9K he received.

And the FBAR threshold is $10,000 or more at any time during the year.

sjrcpaAnswer

Level 15

How much is set aside in his name? That can be totally different than the $9K he received.

And the FBAR threshold is $10,000 or more at any time during the year.

The more I know the more I don’t know.

C

chapguy19Author

Level 5

If the FinCEN is only required when if he has financial authority or signature authority. He has neither.

sjrcpa

Level 15

If he received $9,000 from it, might he be an actual owner?

Might PW know more than we do?

The more I know the more I don’t know.

sjrcpa

Level 15

The 3520 is a separate filing, on paper. You can get it at irs.gov

The more I know the more I don’t know.

C

chapguy19Author

Level 5

Thanks for your reply.

I'm not going to fill out a 114 since he neither had $10,000 of financial authority or signature authority. The money was moved from one trust to another.

Thanks, Christopher

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