US Expats Want Definition of Trusts in Foreign Reporting Rules, Bloomberg Tax News, July 9, 2024

Bloomberg Tax News, July 9, 2024

US Expats Want Definition of Trusts in Foreign Reporting Rules

"Americans living abroad asked the Treasury and IRS to be decisive on what qualifies as a trust in proposed regulations that revise reporting standards for large foreign gifts and transactions with foreign trusts.

American Citizens Abroad and American Citizens Abroad Global Foundation said in a letter addressed to the government agencies July 8 that there are several entities—such as Australian Superannuation funds, various UK pension funds—that US tax practitioners often treat differently for the purposes of US tax reporting.

“Treasury Department and the IRS, we strongly recommend, should simply tell taxpayers and their advisors that certain frequently encountered entities ..."

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