28 February 2017

Law firm clients: Important information filing deadlines for individuals with foreign trusts, assets or bank accounts, or who receive property from certain foreign sources

Law firm partners and associates who have foreign interests should note that certain US taxpayers may have additional foreign informational filing requirements beyond the usual year-end tax filings, and the filing deadlines for these forms may differ from, and in some cases be earlier than, the usual April 15 due date. Affected taxpayers include US income tax residents who:

— Have created foreign trusts, either in the current year or in the past, even if the taxpayers were not US residents at the time they created the trusts

— Are beneficiaries of foreign trusts

— Are treated as owners of foreign trusts

— Own foreign assets

— Have a financial interest in or signatory or other authority over foreign financial accounts

— Receive gifts or bequests from a foreign person or foreign entity

Tax Alert 2017-377 has details.

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Contact Information
For additional information concerning this Alert, please contact:
 
Law Firm Industry Practice
Shelby Saad-Callahan(617) 375-1237
Pankaj Khosla(212) 773-3226

Document ID: 2017-0390