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...

[chapguy19]

but ProSeries doesn't offer that form.

[sjrcpa · Accepted solution]

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.

[sjrcpa]

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

[chapguy19]

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

[sjrcpa]

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

Might PW know more than we do?

[chapguy19]

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