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Federal tax rules for foreign trusts are complex and compliance failures mean steep penalties. Identify the penalty risks that apply to foreign trusts, their settlors, trustees and beneficiaries—and different strategies for fixing the problems.
An understanding of trust filing requirements and preparation of trust returns.
CPAs and lawyers.
Haoshen Zhong is a lawyer working at HodgenLaw PC, where he works with CPAs in the firm to identify and classify unusual foreign assets. He is commonly asked to examine hair-splitting regulations and areas where the IRS has published scant guidance, then come to a conclusion about how to treat a foreign asset. He first worked with PFICs in the context of foreign insurance plans and from there expanded into other matters related to them. Zhong received his juris doctor degree from U.C. Hastings. Before joining HodgenLaw, he was a patent agent.