In 2024, the U.S. Treasury, issued long overdue regulations on foreign trust adding additional administrative reporting requirements, burdens, and qualifications on foreign trusts, highlighting ...

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 ...

Understanding FBAR Reporting Requirements FBAR is a critical compliance requirement under the Bank Secrecy Act (31 U.S.C. Section 5314), designed to prevent tax evasion and financial crimes.

Distributions by the foreign trust, especially to U.S. beneficiaries subjects the beneficiaries to tax also and additional foreign trust reporting requirements, including filing Forms 3520 and ...