Americans Abroad Want Relief From IRS on Foreign-Trust Reporting, Bloomberg Tax, August 20, 2024

Bloomberg Tax, August 20, 2024

Americans Abroad Want Relief From IRS on Foreign-Trust Reporting

"It’s so confusing, practitioners say, that sometimes taxpayers aren’t aware they have to report the vehicles in which they save for retirement as foreign trusts, and different tax pros have given them different opinions on whether the IRS would regard a particular retirement plan as a foreign trust.

The reporting regime 'can rapidly become a nightmare for Americans overseas,' said Charles Bruce, legal counsel for American Citizens Abroad (ACA), a group that advocates for US citizens living in other countries.

That’s what’s spurred a lot of the comments submitted to the IRS. Groups like ACA and people affected 'got the word around that the IRS is working on these rules and they affect you,' Bruce said."

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