Private Client & Offshore Services, Kozusko Harris Duncan updates

USA

Contributed by Kozusko Harris Duncan
Time again to file Bureau of Economic Analysis survey Form BE-10 to report investments abroad
  • USA
  • 23 April 2020

Using Form BE-10, the Bureau of Economic Analysis (BEA) conducts a survey on US direct investment abroad. The survey is conducted every five years and currently covers fiscal years ending in 2019. The gathered data is used to produce statistics on the scale and effects of US-owned business activities abroad. All US persons subject to the reporting requirements must file, even if they are not contacted by the BEA. Families and their advisers should not ignore correspondence from the BEA.

IRS releases additional guidance on 2020 deadline for Form 3520
  • USA
  • 16 April 2020

On the evening of 9 April 2020, the Inland Revenue Service (IRS) issued Notice 2020-23 postponing additional tax deadlines to 15 July 2020. The notice clarifies that the extended deadline relief includes not just the filing of specified income tax forms, but also all schedules, returns and other forms that are filed as attachments to income tax forms or are required to be filed by the due date of a specified income tax form.

Confusion surrounding 2020 deadline for Form 3520
  • USA
  • 09 April 2020

Preparing US tax and information returns: Forms 3520 and 3520-A
  • USA
  • 20 February 2020

The Internal Revenue Service (IRS) is ramping up compliance initiatives targeting failures to file US tax and information returns. US tax attorneys and accountants are increasingly seeing IRS notifications and penalty assessments. As the new year begins, family advisers and trust officers should review succession planning structures to determine whether any entity or individual has a 15 April US reporting requirement.

Overview (January 2020)
  • USA
  • 16 January 2020

US gift, estate and generation-skipping transfer tax exemption amounts have been updated for tax year 2020. Advisers to international families must be able to recognise when a family member has come in contact with the US tax net and plan accordingly. For family members domiciled in the United States, special attention should be paid to the estate tax exemption amount which is scheduled to be automatically reduced at the end of 2025.


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