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

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 ...

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 ...

The IRS may assess this penalty if a U.S. person contributes to a foreign trust and doesn’t report the contribution on a timely-filed Form 3520.

— The Internal Revenue Service (IRS) issued Notice 2024-85 this week, granting transitional relief for third-party settlement organizations (TPSOs) regarding transaction reporting and backup ...

In recent years the IRS has gotten quite aggressive in tracking down any foreign bank accounts and other foreign assets that American citizens may have. Even if the taxpayer fully reports all of th… ...

The IRS has been finalizing crypto tax regulations as part of the Biden administration’s Infrastructure Investment and Jobs Act. The IRS says these new rules should help “close the information ...

Those are the main takeaways from new regulations that the IRS and U.S. Department of Treasury finalized Friday — essentially implementing a provision of the Biden administration’s ...

The IRS has issued final regulations deeming DeFi front-ends and brokers and requiring the report of digital asset transactions.