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 ...

In a new piece of IRS guidance, eligible U.S. citizens and residents are being exempted from reporting requirements for owning or transferring money to tax-favored foreign retirement trusts. The ...

You already know about disclosing a foreign account on your tax return, reporting the income, and separately filing a Treasury Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts ...

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 ...

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 ...