US citizens who live and work abroad need more clarity from the IRS to prevent them from falling victim to harsh, costly reporting requirements for foreign trusts, taxpayers and advocates told IRS and Treasury Department officials Wednesday.
Many Americans overseas have foreign retirement plans the US regards as foreign trusts that have to file with the IRS. The foreign-trust rules are often unclear and hard to interpret, and the IRS needs to be clearer about when offshore retirement plans do and don’t need to be disclosed, witnesses told the officials at a public hearing.
Global terror financing watchdog, Financial Action Task Force (FATF) has underlined the potential threats where money can be misused in a rapidly digitalising world. FATF says money can be misused to
DONALD Trump has signed an executive order increasing White House oversight of independent federal agencies, including key financial regulators. The order, signed Tuesday, requires agencies to submit
The Democratic Party may control the government in Washington state, but opinions are sharply divided regarding the potential implementation of a 1% wealth tax in 2025. The tax proposal, analyzed in
Minister for Enterprise Peter Burke has refuted claims made earlier this week that Ireland is a “tax scam”. US Secretary of Commerce, Howard Lutnick, took part in an interview on American technology