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 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
Press Release from Carey Olsen, Tuesday 16 April, 2024. Carey Olsen’s corporate team in Hong Kong has advised leading global eco-development solutions provider Beijing Energy International Holding
In late September, the SEC announced a sweep of settled charges for late beneficial ownership and insider transaction filings, including over $3.8 million in penalties against individuals and companies.
Press Release from Carey Olsen, Thursday 21 August, 2025. Carey Olsen Singapore partners James Noble and Helen Wang and Hong Kong.partners Tim Haynes and Matthew Watson have been featured in the Asian