Any professional who serves high-net-worth clients eventually comes face to face with a Mexican fideicomiso (pronounced fee-day-kah-mee-so) and has to decide how to advise the client on how the fideicomiso should be taxed and reported under U.S. tax law. The Internal Revenue Service's representatives with whom my firm has spoken acknowledge that fideicomisos are not the types of tax-avoidance structures that are targeted by the onerous U.S. reporting requirements for foreign trusts. ...

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