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 ...

Taxpayers that are out of compliance with the timely and accurate filing of information returns reporting ownership of and transactions with Foreign Trusts face “apparent” IRS audit risk.

In Revenue Procedure 2020-17, the IRS exempted from foreign trust information reporting requirements certain U.S. individuals’ transactions with, and ownership of, some tax-favored foreign trusts that ...

However, these newly proposed regs provide some relief from these onerous foreign trust reporting requirements with a more substantial list of exceptions. Dual-Resident Taxpayers ...

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 ...

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 ...

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 ...

Proposed regulations (REG-124850-08) issued Tuesday by the IRS provide guidance on information reporting of transactions with foreign trusts and the receipt of large foreign gifts. The rules are, in ...