Foreign trusts and estates

Any interest in a foreign trust or any receipt of a gift or inheritance from foreign sources in excess of $100,000 during the year generates a tax reporting obligation.  This does not necessarily mean there are U.S. taxes associated with such items, but the reporting obligation is clear, with major penalties for failure to comply.  Although the Internal Revenue Service has not announced the automatic assessment of penalties for failure to comply, as it has with the reporting of an interest in a Controlled Foreign Corporation, that day is coming.  If this applies to you, call me and we can begin corrective action.

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