The IRS recently released a draft of new Form 8938 that requires taxpayers to report on certain foreign financial assets for tax year 2011. This reporting is part of FATCA (Foreign Account Tax Compliance Act), which strives to improve compliance of U.S. taxpayers who have offshore assets. This new IRS filing requirement ...
Continue
Posts for Trusts | 
RSS Feed for Trusts
Thomson Reuters Poll: 50% Tax Professionals Have Staffing Worries
Global Tax Compliance, ONESOURCE, Tax Provision, Transfer Pricing, Trust & Estate Administration, Trust Tax, Trusts, Unclaimed Property, US Income Tax Compliance, WorkFlow Manager 0 CommentPosted on December 21, 2011
During his interactive opening session at this year's ONESOURCE User Conference, Joe Harpaz, senior vice president and general manager of Corporate Income Tax, incorporated real time vote-by-text polling that revealed that from the 1500 tax and accounting professionals in attendance, half felt limited staffing was their biggest challenge. “When budgets and personnel are hard ...
Continue
Cost Basis Reporting Developments
1099, Cost-Basis Reporting, Tax Information Reporting, Trust Tax, Trusts 0 CommentPosted on July 12, 2011
Over the last few weeks, the IRS issued guidance regarding cost basis reporting requirements that go into effect during 2011 and 2012. Below is a brief summary of the recent guidance and links to access the details. FAQs – In late April, the IRS issued a series of Frequently Asked Questions (FAQs) explaining rules ...
Continue
