Mon-Fri 8am-5pm ET
Tax relief insights from Attorney Darrin T. Mish
A foreign relative can name you in their trust. The U.S. tax bill that follows depends on timing, structure, and whether anyone planned for the throwback rule.
A foreign trust is not always called one. Here is the legal definition, the forms it triggers, and how to find out if you have
Not for the receipt. For the failure to report. The receipt is tax-free; the missing Form 3520 is what generates the penalty. Here is how
Late Form 3520 filings trigger automatic penalty assessment. Most can be abated under reasonable cause. Here is the path from penalty notice to abatement.
Form 3520 reports four very different international transactions and carries some of the heaviest information return penalties in the Code. Here is what each part
Yes, almost always. Reporting is not the same as paying tax. Here is what triggers Form 3520 reporting and what happens if you miss the
No, you do not pay U.S. income tax on receiving a foreign inheritance. But you almost always have to report it. Here is how the