The U.S. House of Representatives passed the “One Big Beautiful Bill Act,” which, among other provisions, proposes the implementation of a federal remittance tax.
Offshore Tax Compliance
Category
Foreign Pensions are Foreign Trusts under U.S. tax law
Foreign pensions often present complex tax issues for U.S. taxpayers due to their classification as foreign trusts under the Internal Revenue Code (IRC). These classifications come with stringent reporting obligations, including Form 3520, Form 8938, and in some cases, Form 8621
IRS Announces Change in Penalty Policy for Forms 3520 and 3520-A
The IRS has announced a major change in penalties for late-filed IRS Forms 3520 and 3520-A, both of which are essential for U.S. taxpayers who transact with foreign trusts or receive large gifts from foreign individuals.
Administrative Law
From India to Germany, Peru, the U.K. and beyond, two years after the International Consortium of Investigative Journalists published the Pandora Papers, authorities worldwide continue to investigate, prosecute and legislate against tax evaders, money launderers and...