In recent months, the IRS has revised a public announcement and issued a practice unit on IRS Form 3520-A reporting and ...

Foreign trust reporting obligations can apply to a domestic trust established even within the US and the recent regulations ...

On May 8, the IRS issued proposed regulations addressing matters related to foreign trusts and large gifts received from "nonresident aliens" (NRAs) by a U.S. person. See REG-124850-08 (proposed ...

An IRS rule proposal could give tax professionals and clients who receive assets through foreign trusts and gifts answers to technical questions they've been posing for decades. Last month, the agency ...

An FBAR is used to report foreign financial accounts to the federal government, which uses this information to ensure transparency and compliance with U.S. tax and other laws. A U.S. person must ...

A trust fund is different from a foreign trust, which has become a popular way to circumvent the U.S. tax system. Foreign trust owners must report earnings using form 3520 or form 3520-A. Grantor ...

Many dual citizens and internationally mobile Americans have come under IRS scrutiny in recent years. Under the Foreign Account Tax Compliance Act, Americans must report if their foreign assets ...

The IRS had been automatically assessing penalties for late-filed Forms 3520, Part IV, which deal with reporting foreign gifts and bequests, at the time when they were filed. National Taxpayer ...

The IRS is rolling out a new 1099-K reporting rule for third-party payment apps, impacting freelancers and business owners. This change, part of the American Rescue Plan, aims to streamline tax ...

In the foreign gift context, from 2018 to 2021, taxpayers who reported $400,000 or less in income received an average penalty of over $235,000, she wrote. Over the same period, the IRS abated Sec.

Last month, the agency held a public hearing on a proposal the IRS released in May that would alter the guidelines for the reporting of transactions involving foreign trusts and gifts reflected on ...