In recent months, the IRS has revised a public announcement and issued a practice unit on IRS Form 3520-A reporting and ...

The big reprieve is outlined in IRS Revenue Procedure 2020-17, which exempts from the foreign trust information reporting requirements certain U.S. individuals’ transactions with, and ownership ...

However, a foreign trust creates complex IRS reporting requirements for US taxpayers who own a foreign trust under the grantor trust rules, or are beneficiaries with an investment in a foreign trust.

On May 8, the IRS issued proposed regulations addressing matters related to foreign trusts and large gifts received from "nonresident aliens" (NRAs) by a U.S. person. See REG-124850-08 (proposed ...

IRS defines a Foreign Trust as any trust other than a ... One or more U.S. persons have the authority to control all substantial decisions of the trust. IRS reporting rules apply to a US ...

Are you concerned about the high IRS tax rates on a foreign trust? It is important to understand the tax and reporting consequences on this specific type of investment.

The U.S. person must file two forms with the IRS to comply with these reporting obligations: IRS Form 3520 to report transfers to and distributions from a foreign trust for the tax year and IRS ...

See, e.g., PLR 201538008 (superannuation fund treated as foreign trust); PLR 200807003 (same); Rev. Rul. 2008-40, 2008-30 I.R.B. 166 (plan in foreign country maintained to provide retirement ...

Specifically, a United States beneficiary who receives a distribution from a foreign trust must file Form 3520 whereas a United States person who is treated as the owner of any portion of a ...

Proposed regulations (REG-124850-08) issued Tuesday by the IRS provide guidance on information reporting of transactions with foreign trusts and the receipt of large foreign gifts.The rules are, in ...

Notwithstanding the Proposed Regulations, the reporting requirements for a U.S. person’s involvement with a foreign trust or receipt of foreign gifts or bequests are cumbersome and complex. [1 ...