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 ...

Foreign trust reporting obligations can apply to a domestic trust established even within the US and the recent regulations make compliance more ... Tax Implications of Foreign Trust Classification.

An IRS rule proposal could give tax professionals and clients who receive assets through foreign trusts and gifts answers to technical questions they've been posing for decades. Last month, the agency ...

Who Must File.Generally, foreign trusts have an obligation to file a Form 3520-A with the IRS if the trust has a U.S. person who falls under the grantor trust rules.

Activities within a foreign trust are reported on IRS Form 3520 – Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, or IRS Form 3520-a – Annual ...

You may also have to file Form 8938, which is used to report specified foreign assets directly to the IRS. The FBAR and Form 8938 have different reporting thresholds and requirements .

"Since 1996, when Congress enacted a myriad of provisions to prevent tax avoidance through the use of foreign trusts and gifts, taxpayers have had to rely on less formal guidance (e.g., Notice 97 ...

An IRS rule proposal could give tax professionals and clients who receive assets through foreign trusts and gifts answers to technical questions they've been posing for decades. The IRS proposal would ...