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U.S. persons and their tax return preparers should be aware that U.S. persons who create a foreign trust, or have transactions with a foreign trust, can have both U.S. income tax consequences, as well as information reporting requirements. Failure to satisfy the information reporting requirements can result in significant penalties, as well as an extended time to assess any tax imposed with respect to the period to which the information relates.

Major tax reform was approved by Congress in the Tax Cuts and Jobs Act (TCJA) on December 22, 2017. The IRS is working on implementing this major tax legislation that will affect both individuals and businesses. We will provide information and guidance to taxpayers, businesses and the tax community as it becomes available.

OH-2024-01, May 16, 2024 ¡ª The Internal Revenue Service announced today tax relief for individuals and businesses in Ohio that were affected by tornadoes that began on March 14, 2024. These taxpayers now have until September 3, 2024, to file various federal individual and business tax returns and make tax payments.

AK-2022-04, September 27, 2022 ¡ª Victims of Alaska severe storm, flooding and landslides occurring between September 15 and September 20, 2022, now have until February 15, 2023, to file various individual and business tax returns and make tax payments, the IRS announced today.

IR-2021-219, November 10, 2021 ¡ª The Internal Revenue Service today announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2021-45 provides details about these annual adjustments.

May 28, 2025 ¡ª A federal grand jury returned a 41-count indictment against Warren Soto Delfin, of Fairfield, charging him with failure to pay more than $2 million in trust fund taxes to the IRS, Acting U.S. Attorney Michele Beckwith announced.

FL-2023-04, May 1, 2023 ¡ª Victims of severe storms, tornadoes and flooding in Florida from April 12 to April 14, 2023, now have until August 15, 2023, to file various individual and business tax returns and make tax payments.

September 27, 2023 ¡ª Jeffrey James Morris of Wheeling, West Virginia, has been indicted on twenty-eight counts of wire fraud and tax evasion in connection with the defrauding of investors and employees of his real estate development company.

IR-2023-208, Nov. 9, 2023 ¡ª The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes.

IR-2022-182, October 18, 2022 ¡ª The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments.