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.

The big reprieve is outlined in IRS Revenue Procedure 2020-17, which exempts from the foreign trust information reporting requirements certain U.S. individuals’ transactions with, and ownership ...

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 ...

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 IRS has a Fact Sheet on FBAR reporting (FS-2019-7, April 2019). The Form 8938 is required to be filed by U.S. citizens and residents living in the United States if they are: ...

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 ...

IRS defines a Foreign Trust as any trust other than a ... One or more U.S. persons have the authority to control all substantial decisions of the trust. IRS reporting rules apply to a US ...

Hundreds of thousands of U.S. taxpayers must reveal for the first time detailed information about foreign stock holdings, pensions and life insurance policies, under new U.S. Internal Revenue ...

This program was used often to correct accounting errors, as the filing requirements have been in significant flux. Practitioners who do not specialize in foreign reporting forms often found ...

All of this is done using the IRS Form 8300, which is used for both individuals and businesses. These reports from banks to the IRS are required as part of the Currency and Foreign Transactions ...