Interests in or transactions with foreign trusts can cause headaches for federal income tax purposes. Depending on the interest or transactions at issue, U.S. citizens or residents may have to file a ...
Forbes contributors publish independent expert analyses and insights. Matthew Roberts is a tax attorney who covers tax litigation and fraud. Corrected, July 18, 2024: This article has been updated to ...
In the federal income tax world, there are effectively two functions within the Internal Revenue Service (“IRS”). First, the IRS examines tax years and tax returns to determine whether the taxpayer ...
The IRS often challenges taxpayers who seek penalty abatements for late-filing penalties, particularly those related to international information returns. Generally, these cases focus on whether the ...
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