IRS is exempting from foreign trust reporting requirements certain tax-favored foreign trusts that are established and operated to provide pension or retirement benefits. Participants in foreign ...

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

Taxpayers that are out of compliance with the timely and accurate filing of information returns reporting ownership of and transactions with Foreign Trusts face “apparent” IRS audit risk.

In Revenue Procedure 2020-17, the IRS exempted from foreign trust information reporting requirements certain U.S. individuals’ transactions with, and ownership of, some tax-favored foreign trusts that ...

In March 2020, the IRS issued Revenue Procedure 2020-17 to exempt qualifying foreign retirement and certain non-retirement trusts from section 6048 reporting.

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 ...

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 ...

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 ...

Any owner of a foreign trust must also disclose such ownership. This information is reported annually on Forms 3520 and 3520-A, respectively, and additional reporting obligations may apply.

In addition, the IRS issued a version of Form 8938 (Statement of Specified Foreign Financial Assets) in December 2011. Form 8938 is designed to implement the IRC Section 6038D reporting requirements.

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).