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.
Wealth managers say their clients are increasingly worried the Treasury could crack down on the UK’s “generous” inheritance tax rules in an attempt to plug the country’s gaping fiscal hole.
Ireland has failed to implement three EU directives, prompting the European Commission to issue it with a letter of formal notice. It has not implemented on the VAT fraud directive, the Emissions Trading
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
Labour has revealed it will plug the £2bn hole in its spending commitments by cracking down on tax dodgers. Keir Starmer and shadow chancellor Rachel Reeves have promised a Labour. government will