Certain definitions are critical when determining whether an obligation exists to file a Report of Foreign Bank and Financial Accounts (FBAR): The term financial account generally includes bank accounts, security...
The Internal Revenue Service's recent efforts to enforce the reporting of foreign bank accounts has created a lot of confusion for many people. This is particularly true for beneficiaries of trusts, as well as for...
Tax professionals increasingly are providing advice for clients who are U.S. beneficiaries of foreign trusts. These clients may be subject to tax on income earned by, or from, controlled foreign corporations (CFCs)...
Residuary bequests to private foundations are a common form of charitable giving. Typically, a testator's will provides for certain bequests to individuals, and designates a private foundation as a beneficiary of all...
