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 Carey Olsen, Friday 29 November, 2024. Lawyers from across Carey Olsen’s Bermuda, British Virgin Islands (BVI) and Cayman Islands practices have been recognised in the 2024
Eric Trump will no longer serve as a director on the board of a cryptocurrency firm after the company held talks with stock market regulators despite an earlier announcement. Fintech firm Alt5 Sigma
For all the criticisms and restrictions that are sometimes directed at these schemes, the authors of a new report reckon that the market for citizenship and residency could reach $100 billion in 2025.
A government scheme to champion new research and boost the economy has cost more than £4bn in fraud and error since 2020 after widespread abuse. The research and development tax credits scheme was