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 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 ...

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 ...

Under that provision, a “responsible party” must file an IRS Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, if a “reportable event ...

Are you concerned about the high IRS tax rates on a foreign trust? It is important to understand the tax and reporting consequences on this specific type of investment. It may very well be time to ...

IRS seeks to bolster foreign trust, gift transactions rules By Tobias Salinger September 03, 2024, 2:43 p.m. EDT 3 Min Read ...

This new reporting rule kicks in for tax years beginning after March 18, 2010, so for most of us, it applies to calendar year 2011 and thereafter. That means your due date will be April 15, 2012.

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 ...

Notwithstanding the Proposed Regulations, the reporting requirements for a U.S. person’s involvement with a foreign trust or receipt of foreign gifts or bequests are cumbersome and complex.

Under that provision, a “responsible party” must file an IRS Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, if a “reportable event ...

Pursuant to section 6048 (b) of the Code, each United States person who is treated as the owner of any portion of a foreign trust, under the grantor trust rules of sections 671 through 679, is ...