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 ...

Offshore entities and trusts require special tax reporting too. ... Form 3520 — Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts.

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 ...

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 ...

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 ...

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 ...

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 ...

"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 ...

The IRS audited one client who used the firm to set up foreign accounts, foreign trusts, and foreign corporations to avoid paying U.S. taxes (Taylor Lohmeyer Law Firm, PLLC, DC-TX, 5/15/19).