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HIRE Act: FATCA Provisions Affect Rules Governing Foreign Trusts and Reporting Requirements

On March 18, 2010, President Obama signed into law H.R. 2847, the Hiring Incentives to Restore Employment Act (HIRE). HIRE targets job creation by providing tax incentives, such as business credits to companies for newly hired employees. The offset provisions included to raise revenue for...

HIRE Act: FATCA Provisions Affect Rules Governing Foreign Trusts and Reporting Requirements

On March 18, 2010, President Obama signed into law H.R. 2847, the Hiring Incentives to Restore Employment Act (HIRE). HIRE targets job creation by providing tax incentives, such as business credits to companies for newly hired employees. The offset provisions included to raise revenue for such...

Diane L. Mutolo on New Reporting Requirements for U.S. Owners and Grantors of Foreign Trusts

Subtitle A of Title V of the Hiring Incentives to Restore Employment Act, enacted in 2010, made significant changes to the Internal Revenue Code with the goal of improving tax compliance with respect to foreign accounts and foreign assets. These changes included new reporting requirements for United...

Administration of Foreign Trusts

In this Analysis, Pamela Revak covers grantor and beneficiary reporting obligations under I.R.C. Code Section 679 with respect to foreign trusts with U.S. beneficiaries. She writes: Trusts are often created in foreign jurisdictions in an attempt to provide asset protection and/or tax savings. Regulations...

Reporting Obligations of U.S. Beneficiaries of Foreign Trusts and New Form 8938

The Foreign Account Tax Compliance Act amended the IRC to improve tax reporting and compliance with respect to foreign accounts and foreign assets. Among these changes were new reporting requirements that affect United States beneficiaries of foreign trusts. In this Analysis, Diane L. Mutolo discusses...

Reporting Obligations of U.S. Beneficiaries of Foreign Trusts and New Form 8938

In 2010, Congress enacted the Foreign Account Tax Compliance Act (FATCA) as part of the Hiring Incentives to Restore Employment Act ("the HIRE Act"), and the legislation amended the Internal Revenue Code with the goal of increasing foreign account tax reporting and compliance. [The Hiring Incentives...

Reporting Obligations of U.S. Beneficiaries of Foreign Trusts and New Form 8938

In 2010, Congress enacted the Foreign Account Tax Compliance Act (FATCA) as part of the Hiring Incentives to Restore Employment Act ("the HIRE Act"), and the legislation amended the Internal Revenue Code with the goal of increasing foreign account tax reporting and compliance. [The Hiring Incentives...