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 ...

A proposed IRS rule requiring decentralized crypto platforms to report user transactions has been officially withdrawn, ...

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 ...

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 ...

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.

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.

The U.S. Tax Court has affirmed its earlier decision that the IRS lacks authority to assess certain foreign information penalties. The latest decision in Mukhi v.

Werfel said the IRS will no longer automatically assess penalties at the time of filing for a late-filed Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain ...

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 ...