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

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

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

IRS Tax Laws Regarding Foreign Currency. IRS tax laws affect traders on foreign exchange markets and U.S. companies conducting business in foreign currencies. When you convert cash from one ...

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.

Forms 3520 and 3520-A relief does not relieve taxpayers of their obligation to report information concerning foreign gifts and transactions with foreign trusts ...

Here’s all you need to know about the changes SARS has made for the 2025 tax season, including auto assessment expansion and ...

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 ...