Practice Management>Regulation & Compliance

The HIRE Act

The Hiring Incentives to Restore Employment Act (the HIRE Act)1 of 2010, found in Internal Revenue Code Section 6038D, enacted foreign asset disclosure rules that apply to most U.S. taxpayers for the first time this tax filing season. Here's an overview of those rules and how they apply to U.S. beneficiaries of foreign trusts. Why? IRC Section 6038D imposes self-reporting on U.S. taxpayers with respect

Dina Kapur Sanna | Mar 01, 2012

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The Hiring Incentives to Restore Employment Act (the HIRE Act)¹ of 2010, found in Internal Revenue Code Section 6038D, enacted foreign asset disclosure rules that apply to most U.S. taxpayers for the first time this tax filing season. Here's an overview of those rules and how they apply to U.S. beneficiaries of foreign trusts.

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