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

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

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 ...

"Since 1996, when Congress enacted a myriad of provisions to prevent tax avoidance through the use of foreign trusts and gifts, taxpayers have had to rely on less formal guidance (e.g., Notice 97 ...

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 ...

Form 3520-A is the Annual Information Return of Foreign Trust With a U.S. Owner. A foreign trust with at least one U.S. owner files this form annually to provide information about: the trust, its ...

After the guilty plea, the IRS began looking at the taxpayer's records to determine whether he also owed civil tax penalties. The IRS then billed Mukhi for millions, citing his failure to timely ...

IRS Tax Laws Regarding Foreign Currency. IRS tax laws affect traders on foreign exchange markets and U.S. companies ... Most taxpayers report their foreign exchange gains and losses under Internal ...

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 ...

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 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. The IRS proposal would ...