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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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Published by NTD’s Tax Technical Knowledge Services group; Chris DeZinno, legal editor