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.
Reports said that if the European Union fails to negotiate with Trump’s team and if the Republican administration choose to apply punitive tariffs on imported European goods, the EU would retaliate
Malta’s tax system, often labeled as a haven for foreign shareholders, has resulted in the wipeout of a staggering €1.3 billion in foreign tax revenue in 2022, which amounts to almost 8% of GDP.
The Monetary Authority of Singapore (MAS) has recently introduced new guidelines for Single Family Offices (SFOs) applying for tax incentives under the Section 13O and Section 13U schemes. The changes
Panama Papers Scandal: Twenty-seven people are set to go on trial on Monday for money laundering in connection with the “Panama Papers” tax evasion scandal, which revealed how many of the