U.S. filing requirements mean you may also need to file tax forms and returns if you’ve bought, inherited, been gifted, or otherwise acquired assets outside of the U.S. We all know that tax season ...
On 10/24/24, the National Taxpayer Advocate shared on its NTA Blog that the IRS has discontinued its policy of automatically imposing penalties for late submissions of Form 3520, which pertains to ...
The IRS has recently notified the AICPA’s Foreign Trust Task Force that the IRS plans over the next few months to send out letters to taxpayers who filed Form 3520, Annual Return to Report ...
The IRS has been closely examining the accurate and timely reporting of foreign gifts and distributions to and from foreign trusts. As part of this effort, the Large Business and International ...
The IRS continues to aggressively enforce certain foreign information return obligations. In many cases, these enforcement efforts are automatic—that is, the agency simply imposes the applicable ...
The American Institute of CPAs sent comment letters to the Internal Revenue Service requesting changes in two forms used to report on foreign trusts, along with more guidance on energy tax credits and ...
In Estate of Joseph A. Wilson v. United States of America, an estate brought an action for the return of $3,221,183, which it paid to the Internal Revenue Service as a penalty for a late filing of ...
New Proposed Guidance From the IRS on Foreign Trust Transactions and Large Gifts From Non-US Persons
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 ...
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