I own a foreign holding company and a US LLC — do I need to file Form 3520 when I move to the US?
I'm the founder of a holding company in my home country that owns my operating business, plus a US LLC for the American market. I'm relocating to the US next year, and my accountant casually mentioned Forms 3520 and 3520-A, which apparently carry five-figure penalties. I've read conflicting things online — some posts say every foreign entity has to go on these forms, others say they're only for trusts. Does simply owning a foreign company mean I have to file Form 3520?
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