Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.
When considering outsourcing, due diligence is a critical first step. CPAs are responsible for protecting their clients’ data and need to ensure that any third party has appropriate security protocols and safeguards. This blog discusses some vital risk management considerations when outsourcing.
If a nonresident noncitizen (NRNC) funds a foreign trust for the benefit of a U.S. person, the trust will be treated as either a foreign grantor trust or a foreign nongrantor trust for U.S. income tax purposes. The rules are complex. Read this blog to clarify some important points related to these trusts.