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.
As published on: ft.com, Friday 12 September, 2025. Welcome back. A new Rhodium Group analysis on the US energy outlook has just dropped, estimating that the Trump administration’s policies could
The nation’s millionaires and billionaires are evading more than $150 billion a year in taxes, according to the head of the Internal Revenue Service. The IRS, with billions of dollars in new funding
Switzerland will introduce a federal register to list the beneficial owners of shell companies to combat money laundering. The House of Representatives has backed a draft Bill that had been largely
The European Parliament has adopted a package of laws strengthening the EU’s toolkit to fight money-laundering and terrorist financing. The new laws ensure that people with a legitimate interest,