President Donald Trump signed into law P.L. 119-21, the “One Big Beautiful Bill Act” (OBBBA), enacting significant changes to the US ...

Originally due on July 31, 2025, the date for filing the income tax return has been extended to September 15, 2025. According ...

Schedule FA (Foreign Assets) in the ITR form is primarily meant for reporting foreign assets, and Schedule FSI (Foreign ...

In recent months, the IRS has revised a public announcement and issued a practice unit on IRS Form 3520-A reporting and penalties.

Foreign trust reporting obligations can apply to a domestic trust established even within the US and the recent regulations make compliance more difficult.

Activities within a foreign trust are reported on IRS Form 3520 – Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, or IRS Form 3520-a – Annual ...

The deadline for initial filings under the Corporate Transparency Act by foreign reporting companies registered to do business in the United States prior to January 1, 2024, has been reset to ...

The IRS’s goal is to track and tax US citizens on all their financial activities, ensuring that they are fully reporting any income generated from foreign assets. In terms of foreign property, there ...

Americans are subject to U.S. income tax on their worldwide income. Some Americans have used foreign accounts, trusts, and companies to evade U.S. income tax. For this reason, U.S. law requires ...