Reminders

Reporting obligations under sec- tion 6038D not affected. Rev. Proc. 2020-17, available at IRS.gov/IRB/ 2020-12_IRB#REV-PROC-2020-17 , exempts foreign trust information reporting requirements on Forms 3520 and 3520-A, for certain U.S. individuals’ transactions with, and ownership of, certain tax-favored foreign trusts that are established and operated exclusively or almost exclusively to provide pension or retirement benefits, or to provide medical disability or educational benefits. This does not affect any reporting obligations under section 6038D.

For more information about section 6038D information reporting, see IRS.gov/Businesses/Corporations/ Basic-Questions-and-Answers-on- Form-8938 .

Specified domestic entity report- ing. Certain domestic corporations, partnerships, and trusts that are considered formed or availed of for the purpose of holding, directly or indirectly, specified foreign financial assets (specified domestic entities)

must file Form 8938 if the total value of those assets exceeds $50,000 on the last day of the tax year or $75,000 at any time during the tax year.

For more information on domestic corporations, partnerships, and trusts that are specified domestic entities and must file Form 8938, and the types of specified foreign financial assets that must be reported, see Who Must File, Specified Domestic Entity , Specified Foreign Financial Assets , Interests in Specified Foreign Financial Assets , and Assets Not Required To Be Reported , later.