The Many Faces of Form 3520
Form 3520 is an information return for a U.S. person to report certain transactions with foreign trusts [as defined in Internal Revenue Code (IRC) section 7701(a)(31)] or to report the receipt of...
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When advising taxpayers or preparing returns, bright-line rules are generally the easiest to explain and to handle. In contrast, tax outcomes that depend on facts and circumstances are inherently more...
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Understanding FBAR Disclosure Responsibilities
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) Form 114, the Report of Foreign Bank and Financial Accounts—colloquially known as FBAR—has become famous due to the huge...
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