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Buchanan Associate Christine Boronyak Bowers recently authored a Tax Management memorandum that was published in Bloomberg BNA's Tax and Accounting Center. The memorandum titled, "U.S. Tax Reporting Obligations for Foreign Trusts," discusses the complexities involved in foreign trusts, whether it's deciding what classifies a foreign trust or understanding the U.S. income tax reporting requirements that are applicable to foreign trusts.

Bowers writes, "As the federal government continues to focus on international tax evasion and to develop and enforce new reporting regimes to increase the transparency of offshore funds, compliance with the reporting obligations for foreign trusts is more important than ever and requires that tax practitioners be aware of recent developments." 

Read the full article: "U.S. Tax Reporting Obligations for Foreign Trusts" (Bloomberg BNA, June 16, 2014) Membership required.