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.
IMF wakes up to cryptoOn Mar. 20, the International Monetary Fund (IMF) published the seventh edition of its Balance of Payments Manual (BPM7), marking the first time cryptocurrencies like Bitcoin have
The General Pension and Social Security Authority (GPSSA) has launched a new media campaign under the slogan “Plan – Save – Invest” as part of its “Proactive Financial Planning”
The Hong Kong Monetary Authority (HKMA) has launched its Sustainable Finance Action Agenda, outlining a comprehensive strategy to reinforce Hong Kong’s standing as a leading sustainable finance hub
The European Banking Authority has opened a formal investigation into “shortcomings” over how Malta’s Financial Intelligence Analysis Unit (FIAU) enforced anti-money laundering rules