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

Foreign trust reporting obligations can apply to a domestic trust established even within the US and the recent regulations make compliance more difficult.

From crypto coins to bibles, overseas development deals to an upcoming line of cellphones, President Donald Trump’s family ...

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 ...

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.

In addition, the proposal expands reporting requirements to more kinds of transactions known as "constructive" transfers and distributions from trusts while filling in more details about exceptions to ...

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

AI Lack of IRS transparency on AI jeopardizes public trust, advisory panel says The agency has lost more than 25% of its workforce since the beginning of the Trump administration, per the Taxpayer ...

The IRS had been automatically assessing penalties for late-filed Forms 3520, Part IV, which deal with reporting foreign gifts and bequests, at the time when they were filed.

The United States Internal Revenue Service (IRS) has issued final regulations requiring brokers to report digital asset transactions, expanding existing reporting requirements to include front-end ...

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 ...