Foreign Pensions of US Expats and Inbound Foreign Nationals: IRS Simplifies Reporting Rules For Certain Foreign Trusts

Tax Planning for U.S. Real Estate Investing, U.S. Tax Planning /

U.S. citizens and residents are generally required to file IRS Form 3520 to report their ownership of, or transactions with, foreign trusts. The potential penalty for noncompliance is the greater of US $10,000, 35% of the amount contributed to, or distributed from, the trust, or 5% of the gross value of the portion of the […]

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