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 ...

However, a foreign trust creates complex IRS reporting requirements for US taxpayers who own a foreign trust under the grantor trust rules, or are beneficiaries with an investment in a foreign trust.

A trust will be classified as foreign trust for U.S. income tax purposes unless (i) all substantial decisions are made for the trust by one or more U.S. persons (commonly known as the “control ...

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 ...

Are you concerned about the high IRS tax rates on a foreign trust? It is important to understand the tax and reporting consequences on this specific type of investment. It may very well be time to ...

Form 3520 also applies to certain transactions with foreign trusts, including distributions. Notably, there is no threshold requirement for reporting a direct or indirect foreign trust ...

"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 ...

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 ...

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 ...

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 ...

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 ...