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.
Press Release from Guernsey Finance, Monday 13 May, 2024. Guernsey Finance has opened an office in central London to facilitate the work it does promoting and connecting the island’s finance services
Hong Kong’s Securities Futures Commission (SFC) plans to issue more licenses to crypto exchanges and digital asset firms operating in the region by the end of 2024. SFC CEO Julia Leung stated that
Press Release from Carey Olsen, Friday 3 January, 2024. Carey Olsen is pleased to announce the promotion of five lawyers across the firm’s Guernsey, Hong Kong, Jersey and London offices. In Guernsey,
The number of wealthy individuals HMRC suspects of ‘serious tax evasion’ jumped 95% to 172 individuals in the last 12 months*, up from 88 in the previous year, says multinational law firm Pinsent