TEGE Exempt Organizations Council Submits Comments on Form 3520 Filings for Exempt Organizations

We are pleased to announce that the TEGE EO Council has submitted a comment letter in response to REG-124850-08, addressing the Form 3520 filing requirements for tax-exempt organizations involved with foreign trusts. The submission, made on July 8, 2024, aims not to overlook exempt organizations with a filing obligation.

Our comments highlight the need to align the Form 3520 filing deadline with the standard due date for tax-exempt organizations' annual returns, including any granted extensions. Implementing this change would reduce administrative burdens and improve compliance consistency, which supports the Treasury's objective to streamline tax administration and minimize taxpayer burdens.

The TEGE EO Council continues to advocate for sensible regulatory reforms and maintain a productive dialogue between the IRS and the tax practitioner community.

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