Double Whammy – US Owner and Beneficiary of Foreign Trust Held Liable for 2 Separate Penalties! Failure to Report as “Owner” and Failure to Report as “Beneficiary”

When a US person has any involvement in any way with a foreign trust, extreme care is required to make sure that all of the strict US tax filing responsibilities are met.  Surprisingly, for US tax purposes, a trust can be treated as “foreign” even if it is created in the US under US laws.  … Continue reading Double Whammy – US Owner and Beneficiary of Foreign Trust Held Liable for 2 Separate Penalties! Failure to Report as “Owner” and Failure to Report as “Beneficiary”