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 ...

Foreign trust reporting obligations can apply to a domestic trust established even within the US and the recent regulations make compliance more ... Tax Implications of Foreign Trust Classification.

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 ...

See, e.g., PLR 201538008 (superannuation fund treated as foreign trust); PLR 200807003 (same); Rev. Rul. 2008-40, 2008-30 I.R.B. 166 (plan in foreign country maintained to provide retirement ...

The U.S. person must file two forms with the IRS to comply with these reporting obligations: IRS Form 3520 to report transfers to and distributions from a foreign trust for the tax year and IRS ...

Compliance with respect to the timely and accurate filing of information returns reporting ownership of and transactions with Foreign Trusts (IRS FORMS 3520 and 3520-A) was identified by IRS as ...

IRS Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, must be filed by the owner of the trust on the same date as Form 3520-A, when one of ...

IRVINE, Calif., Dec. 1, 2021 /PRNewswire/ -- U.S. tax code imposes varying foreign information and income tax reporting requirements wherever fore ...

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 ...

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 ...

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 ...