Reporting Requirements, IRS, Foreign Trusts

A Foreign Trust Creates Complex IRS Reporting Requirements

Allen Barron, Inc. on 1/23/2025

The IRS has clearly identified legitimate reasons why "U.S. Persons" would establish or maintain ownership in a foreign trust. However, a foreign trust creates complex IRS reporting requirements for US taxpayers who own a...more

The High IRS Tax Rates on a Foreign Trust

Allen Barron, Inc. on 10/31/2023

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 evaluate the net value of...more

Failure to Report Foreign Trust Results in 35% Penalty Against the Owner/Beneficiary

Freeman Law on 9/1/2021

The 35% penalty under I.R.C. section 6677 for failing to report a distribution from a foreign trust applies against a person who is both the beneficiary and grantor/owner of a foreign trust. At least, that is now the rule...more

IRS Reporting Requirements for Foreign Retirement Accounts

Bowditch & Dewey on 8/13/2020

Section 6048 of the Internal Revenue Code requires reporting of a U.S. citizen or resident alien’s (a) transfers to a foreign trust, (b) annual financial information related to the U.S. person’s interest in a foreign trust,...more

What are some of the monetary penalties and other consequences of failing to properly report my foreign real estate and other...

Rosenberg Martin Greenberg LLP on 3/21/2019

Depending upon how foreign real estate is owned and/or controlled, a number of different tax reporting regimes may be implicated. Each of these has its own corresponding penalties and generally applies to United States...more

Foreign Trusts and the IRS

Foodman CPAs & Advisors on 11/19/2018

A Foreign Trust can be a legitimate instrument for US Taxpayers that may have family members in foreign jurisdictions, have foreign business interests or are the beneficiaries of trusts created in other countries. ...more