Despite the significant efforts of tax advisers to ensure their U.S. clients understand and comply with required tax and information-reporting forms on U.S. trust relationships, all too often transactions go unreported, even though penalties in these cases can be quite severe.
Source: http://feedproxy.google.com/~r/AICPA_TaxAdvisor/~3/O2oQbr1--LQ/Tax_Clinic_02.aspx
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