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 ...

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 ...

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 ...

Under that provision, a “responsible party” must file an IRS Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, if a “reportable event ...

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.

IRS seeks to bolster foreign trust, gift transactions rules By Tobias Salinger September 03, 2024, 2:43 p.m. EDT 3 Min Read ...

Form 3520-A is a close relative of Form 3520. A foreign trust with at least one U.S. owner must file Form 3520-A. Some exceptions apply, including trusts created to provide pension or retirement ...

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 ...

This new reporting rule kicks in for tax years beginning after March 18, 2010, so for most of us, it applies to calendar year 2011 and thereafter. That means your due date will be April 15, 2012.

Under that provision, a “responsible party” must file an IRS Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, if a “reportable event ...

While trading has gone global, the IRS is becoming xenophobic over reporting foreign income and accounts. If you have unreported foreign accounts of more than $10,000 and unreported income, you ...