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.

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 ...

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 ...

Last month, the agency held a public hearing on a proposal the IRS released in May that would alter the guidelines for the reporting of transactions involving foreign trusts and gifts reflected on ...

In 2024, the U.S. Treasury, issued long overdue regulations on foreign trust adding additional administrative reporting requirements, burdens, and qualifications on foreign trusts, highlighting ...

U.S. persons who create a foreign trust, or have involvement with a foreign trust such as certain beneficiaries, are required to report foreign trust information on a IRS form 3520, Annual Return ...

In addition, foreign trusts usually require complex information reporting, such as IRS Form 3520 and 3520-A. A recently filed complaint in Geiger v. U.S. (S.D. Fla.) illustrates the difficulties ...

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 ...