May 9, 2024 IRS proposes regulations on reporting transactions with foreign trusts The IRS and Treasury Department on May 7 proposed regulations (REG-124850-08) on information reporting requirements for transactions with foreign trusts under IRC Section 6048 and the receipt of large foreign gifts. Reportable transactions with a foreign trust include loans from the trust and the use of the trust's property. The proposed regulations also outline the penalties for failure to file required disclosures. A Tax Alert is forthcoming.
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