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...

5 replies
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but ProSeries doesn't offer that form.

ProSeries Professional

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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.

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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