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 ...

Who Must File.Generally, foreign trusts have an obligation to file a Form 3520-A with the IRS if the trust has a U.S. person who falls under the grantor trust rules.

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 ...

The Internal Revenue Service is giving holders of foreign retirement trusts an exemption from some of the information reporting requirements, along with the abatement of penalties. In Revenue ...

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 ...

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 ...

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 ...

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 ...

The penalty for failing to file Form 3520 is the greater of $10,000 or 35% of the gross value of property contributed to a foreign trust. The IRS may assess this penalty if a U.S. person ...

On Feb. 22, the Internal Revenue Service issued final regulations (T.D. 9752) to further implement Internal Revenue Code Section 6038D, which imposes on certain U.S. taxpayers a requirement to ...