Schedule FA (Foreign Assets) in the ITR form is primarily meant for reporting foreign assets, and Schedule FSI (Foreign Source Income) is meant for reporting income from foreign sources.

From crypto coins to bibles, overseas development deals to an upcoming line of cellphones, President Donald Trump's family ...

UK Cabinet Office Minister Pat McFadden has called for election officials to consider banning political donations made in digital currencies.

Foreign trust reporting obligations can apply to a domestic trust established even within the US and the recent regulations make compliance more difficult.

The deadline for initial filings under the Corporate Transparency Act by foreign reporting companies registered to do business in the United States prior to January 1, 2024, has been reset to ...

For individuals and businesses with foreign financial accounts, strict adherence to FBAR reporting rules is essential, and the cost can carry over to your estate.

The IRS’s goal is to track and tax US citizens on all their financial activities, ensuring that they are fully reporting any income generated from foreign assets. In terms of foreign property, there ...

Americans are subject to U.S. income tax on their worldwide income. Some Americans have used foreign accounts, trusts, and companies to evade U.S. income tax. For this reason, U.S. law requires ...

The U.S. Tax Court has affirmed its earlier decision that the IRS lacks authority to assess certain foreign information penalties. The latest decision in Mukhi v.

The IRS had been automatically assessing penalties for late-filed Forms 3520, Part IV, which deal with reporting foreign gifts and bequests, at the time when they were filed.