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Court deems a foundation a foreign trust, greenlighting tax penalties

Court deems a foundation a foreign trust, greenlighting tax penalties
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United statesJohn reboldAlicea castellanosFounder of global taxesSociety of trusts estates practitionersTax advisory compliance servicesGlobal taxesDisclosure initiativeGlobal referral networkCompany of the year female leadership boutiqueEnelre foundationAmerican institute of certified public accountantsUs courtInternational fiscal associationFifth circuitOffshore voluntary disclosure initiative

Is a Stiftung a Foreign Trust? Form 3520 Penalties? | Freeman Law

In the recent case of Rost v. United States, the Fifth Circuit analyzed whether a foreign entity should be classified as a foreign trust subject to IRS Form 3520 penalties. The case.

United statesLiechtensteinian stiftungLichtenstein stiftungSupreme courtAppeals officeBank wegelinEnelre foundationA foreignFifth circuitLiechtenstein stiftungAdministrative procedure actDue processFederal taxLiechtenstein aktiengesellschaftenInternal revenue code

Taxpayer Didn t Report His Liechtenstein PF as a Foreign Trust

If a structure isn’t reported properly from the beginning, the resulting tax liability can undermine all other substantive goals.

Swanv commrJohn reboldRevenue serviceUs courtEnelre foundationDisclosure initiativeFifth circuitInternal revenueSecond circuitOffshore voluntary disclosure initiativeInternal revenue code sectionAdministrative procedure actEighth amendment