Information Returns & Reports

There are several instances in which you may have to file either an information return or a report. You may have to file a return or a report if any of the following apply.

• You are a shareholder of a controlled foreign corporation.
• You are a shareholder, officer, or director of a foreign personal holding company.
• You are a shareholder, officer, or director of a U.S. entity that acquires, disposes of, or is involved in the reorganization of a foreign corporation.
• You are the responsible party for reporting foreign trust events.
• You receive large gifts or bequests from foreign persons.
• You are treated as owning any portion of a foreign trust under the grantor trust rules.
• You receive distributions from a foreign trust.
• You ship currency to or from the United States.
• You have an interest in a foreign bank or financial account.

Form 5471. Form 5471 must generally be filed by certain U.S. shareholders of controlled foreign corporations and by certain shareholders, officers, and directors of foreign personal holding companies. Form 5471 must also be filed by officers, directors, and shareholders of U.S. entities that acquire, dispose of, or are involved in the reorganization of a foreign corporation.

If Form 5471 is required, you must file it at the time you file your income tax return. More information about the filing of Form 5471 can be found in the instructions for this information return.

Form 3520. You may have to file Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, if:

• You are involved in the creation of a foreign trust,
• You are involved in the transfer of money or property to a foreign trust,
• You are treated as the owner of any part of the assets of a foreign trust under the grantor trust rules,
• You received a distribution from a foreign trust,
• A related foreign trust held an outstanding obligation issued by you (or a person related to you),
• You received more than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to the individual or estate) that you treated as gifts or bequests, or
• You received more than $11,273 from foreign corporations or foreign partnerships (including foreign persons related to the corporations or partnerships) that you treated as gifts.

If Form 3520 is required, you generally must file it at the time you file your income tax return. Send Form 3520 to the Internal Revenue Service Center, Philadelphia, PA 19255. More information about the filing of Form 3520 can be found in the instructions for the form.

Form 4790. Form 4790, Report of International Transportation of Currency or Monetary Instruments, must be filed by each person who physically transports, mails, ships, or causes to be physically transported, mailed, or shipped, into or out of the United States, currency or other monetary instruments totaling more than $10,000 at one time. The filing requirement also applies to any person who attempts to transport, mail, or ship the currency or monetary instruments or attempts to cause them to be transported, mailed, or shipped. Form 4790 must also be filed by certain recipients of currency or monetary instruments.

The term "monetary instruments" includes coin and currency of the United States or of any other country, money orders, traveler's checks, investment securities in bearer form or otherwise in such form that title passes upon delivery, and negotiable instruments (except warehouse receipts or bills of lading) in bearer form or otherwise in such form that title passes upon delivery. The term includes bank checks, and money orders that are signed, but on which the name of the payee has been omitted. The term does not include bank checks, or money orders made payable to the order of a named person that have not been endorsed or that bear restrictive endorsements.

A transfer of funds through normal banking procedures (wire transfer) which does not involve the physical transportation of currency or bearer monetary instruments is not required to be reported on Form 4790.

Recipients. Each person who receives currency or other monetary instruments from a place outside the United States for which a report has not been filed by the shipper must file Form 4790.

It must be filed within 15 days after receipt with the Customs officer in charge at any port of entry or departure, or by mail with the: Commissioner of Customs Attention: Currency Transportation Reports Washington, DC 20229.

Shippers or mailers. If the currency or other monetary instrument does not accompany a person entering or departing the United States, Form 4790 can be filed by mail with the Commissioner of Customs at the above address. It must be filed by the date of entry, departure, mailing, or shipping.

Travelers. Travelers carrying currency or other monetary instruments must file Customs Form 4790 with the Customs officer in charge at any Customs port of entry or departure when entering or departing the United States.

Penalties. Civil and criminal penalties are provided for failure to file a report, supply information, and for filing a false or fraudulent report. Also, the entire amount of the currency or monetary instrument may be subject to seizure and forfeiture.

More information about the filing of Form 4790 can be found in the instructions on the back of the form.

Form TD F 90-22.1. Form TD F 90-22.1 must be filed if you had any financial interest in, or signature or other authority over, a bank, securities, or other financial account in a foreign country. You do not have to file the report if the assets are with a U.S. military banking facility operated by a U.S. financial institution or if the combined assets in the account(s) are $10,000 or less during the entire year.

You must file this form by June 30 each year with the Department of the Treasury at the address shown on the form. Form TD F 90-22.1 is not a tax return, so do not attach it to your Form 1040.

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