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 ...

The IRS has clearly identified legitimate reasons why "U.S. Persons" would establish or maintain ownership in a foreign trust. However, a foreign trust creates complex IRS reporting requirements ...

This article summarizes the treatment of ownership of foreign trust assets; discusses the guidance for reporting a transfer and a donee's receipt of a distribution from a foreign trust, as well as ...

In addition, the proposal expands reporting requirements to more kinds of transactions known as "constructive" transfers and distributions from trusts while filling in more details about exceptions to ...

A Report of Foreign Bank and Financial Accounts must be filed by U.S citizens with financial interests in or authority over certain foreign accounts.

Trust funds are estate planning tools used to accumulate wealth for future generations. Beneficiaries are responsible for paying taxes on money inherited from a trust.

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.

How Reporting Mistakes Can Trigger An IRS Audit Many dual citizens and internationally mobile Americans have come under IRS scrutiny in recent years. Under the Foreign Account Tax Compliance Act ...

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 ...

By the end of 2024, the IRS will begin reviewing any reasonable-cause statements taxpayers attach to late-filed Forms 3520 and Forms 3520-A, Annual Information Return of Foreign Trust With a U.S.

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 ...