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 ...

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 ...

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 ...

U.S. persons who receive gifts or bequests from foreign persons beware—these gifts or bequests may need to be reported to the Internal Revenue Service (“IRS”). The consequences for failing to do so ...

The Internal Revenue Service has decided to stop automatically levying penalties when a taxpayer files a form reporting foreign gifts and inheritance bequests too late and it will start reviewing the ...