A proposed IRS regulation provides needed help in exempting more taxpayers from foreign trust reporting requirements, but practitioners say the agency should go further in providing relief on that and other foreign trust issues.
IRS rules (REG-124850-08, RIN 1545-BI04) issued May 7 would revise the standards for reporting of large foreign gifts and transactions with foreign trusts. It would allow more taxpayers to be exempt from disclosing transactions with certain trusts used as retirement plans or for other tax-advantaged savings.
“More needs to be done on the exemption, but this would be welcomed relief,” said Matthew Roberts, a ...
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