Page 2 - Foreign Trusts News Today

As our previous firm Insights discuss, there is a numbered notice for almost any communication the IRS provides to a taxpayer. See, e.g., CP518 and CP504.

The proverb still rings true – you can lead a horse to water, but you cannot make it drink. In this case, despite the South African Revenue Service’s (“SARS”) referral of criminal taxpayers to the National Prosecution Authority (“NPA”) as well as the Zondo Commission’s damning findings levied against various high-profile persons, it appears that the NPA is reluctant to pull the trigger and initiate prosecution proceedings against these individuals. ...

Taxpayers have long utilized trust arrangements for the transfer of wealth to beneficiaries or for the protection of assets from creditors.

United States citizens and residents[i] are subject to federal income tax on their worldwide income. For example, even if a United States citizen permanently relocates to a foreign country...

Taxpayers have long utilized trust arrangements for the transfer of wealth to beneficiaries or for the protection of assets from creditors.  Generally, there is nothing nefarious about...

United States citizens and residents[i] are subject to federal income tax on their worldwide income. For example, even if a United States citizen permanently relocates to a foreign...

The US Internal Revenue Service has extended its temporary approval of accepting electronic or digital signatures on certain IRS forms until October 31, 2023, and has expanded the list...

When it comes to the US tax and reporting requirements for foreign income, accounts, assets, and investments — foreign retirement plans are some of…

Can a United States Citizen Have an Offshore Bank Account? Published 3 months ago By Luigi Wewege, Senior Vice President, and Head of Private Banking of Belize based Caye International Bank One of the downsides of the Internet is the dissemination of misinformation. That has led some to believe that US citizens cannot open and maintain offshore bank accounts, investment accounts, and other types of financial resources. That’s not the case. While some things have changed over the years, the...