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.
The European Commission is set to exempt most of the companies covered under the European Union’s carbon border tax on the grounds that they produce only 1% of emissions in the scheme, reported Reuters.
Kenya must urgently implement key financial sector reforms to address gaps in anti-money laundering and counter-terrorism financing, according to a new report released following the Inaugural Kenya
Portugal has now implemented the EU Minimum Tax Directive, introducing into domestic legislation a global minimum tax of 15% for large-scale multinational and domestic groups.The legislation includes
Press Release from Carey Olsen, Wednesday 12 March, 2025. Carey Olsen has been named among the finalists for Offshore Firm of the Year at the Chambers Asia-Pacific and Greater China Region Awards for