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If you are a U.S. person who received foreign gifts of money or other property, you may need to report these gifts on Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts. Form 3520 is an information return, not a tax return, because foreign gifts are not subject to income tax. obÌåÓýever, there are significant penalties for failure to file Form 3520 when it is required.

July 2, 2024 ¡ª Peter Anthony Thomas, formerly of Charlotte and now a resident of Miami, Florida, pleaded guilty today to failing to account for and pay over to the Internal Revenue Service (IRS) the trust fund taxes due and owing on behalf of the employees of PT Media, LLC for the quarter ending June 30, 2021, announced Dena J. King, U.S. Attorney for the Western District of North Carolina.

March 20, 2025 ¡ª A Belgium national and the owner of K & K Strategies is facing federal charges after he allegedly operated a $5 million Ponzi scheme. The Utah investment owner, who was not licensed to sell securities, allegedly defrauded approximately 75 investors, and used at least $3 million on real estate purchases, investor payouts, a personal chef, a 2002 Chevrolet Corvette, and other personal expenses.

Use Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, to report the following: the tax withheld under chapter 3 on certain income of foreign persons, including nonresident aliens, foreign partnerships, foreign corporations, foreign estates, and foreign trusts, the tax withheld under chapter 4 on withholdable payments, the tax withheld pursuant to section 5000C on specified federal procurement payments, or payments that are reported on Form 1042-S under chapters 3 or 4.

Use Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, to report the following: the tax withheld under chapter 3 on certain income of foreign persons, including nonresident aliens, foreign partnerships, foreign corporations, foreign estates, and foreign trusts, the tax withheld under chapter 4 on withholdable payments, the tax withheld pursuant to section 5000C on specified federal procurement payments, or payments that are reported on Form 1042-S under chapters 3 or 4.

Use Form (1065 Schedule B-1), Information on Partners Owning 50% or More of the Partnership, to provide the information applicable to certain entities, individuals, and estates that own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership.

Form 15272, VITA/TCE Security Plan, provides information on the procedures used at the VITA/TCE site location to help maintain the security of taxpayer information and adherence to the security requirements outlined in Publication 4299, Privacy, Confidentiality, and Civil Rights ¨C A Public Trust.

Aug. 22, 2024 ¡ª Ryan Palmer, of Sanpete County, was sentenced today to 50 months¡¯ imprisonment, a term of five years¡¯ supervised release, and ordered by the court to pay $1,216,884.49 in restitution after he admitted to bank fraud, wire fraud, and money laundering. Palmer took more than $1.2 million from trusting farmers who were deceived into thinking he would help them buy and sell farm equipment.

Form 990-EZ, Short Form Return of Organization Exempt from Income Tax, is used by tax-exempt organizations, nonexempt charitable trusts (that are not treated as private foundations), and section 527 political organizations to provide the IRS with the information required by section 6033.

Form 990-EZ, Short Form Return of Organization Exempt from Income Tax, is used by tax-exempt organizations, nonexempt charitable trusts (that are not treated as private foundations), and section 527 political organizations to provide the IRS with the information required by section 6033.