Foreign Trusts Reporting – IRS To Target

United States citizens and other residents of the United States with foreign trusts requiring the annual filing of such forms as Form 3520 and Form 3520-a have been selected by the IRS Large Business and International division (LB&I) for six compliance campaigns....

Transactions with foreign trusts

If you’re a U.S. citizen with a foreign trust, take heed of the U.S. tax implications of having your trust. It is nigh on impossible for the trust to be treated as a separate entity for U.S. tax purposes – or that portion of the trust’s assets that...

Uncompensated Use Of Trust Property

US persons engaging in transactions with foreign trusts need to be cautious when dealing with the property of a foreign trust for personal advantage. This includes loans from the trust to a US person.   Types of foreign trust A foreign trust is classified as...
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