The One Big Beautiful Bill Act's increase of the state and local tax (SALT) deduction cap creates an opportunity to use multiple non-grantor trusts to maximize deductions and enhance estate planning.

A confidential investigation by the Income Tax Department has revealed a disturbing trend of radical Islamic expansion along ...

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

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

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 ...

For individuals and businesses with foreign financial accounts, strict adherence to FBAR reporting rules is essential, and the cost can carry over to your estate.

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 ...

The U.S. Tax Court has affirmed its earlier decision that the IRS lacks authority to assess certain foreign information penalties. The latest decision in Mukhi v.