IRS/Foreign Trusts, July 8, 2024

Submission to the Internal Revenue Service on July 8, 2024, commenting on proposed IRS regulations on information reporting on transactions with foreign trusts and large foreign gifts, expressing AARO’s position that non-U.S. pensions and retirement plans should not be subject to reporting requirements as foreign trusts and, in general, that tax and financial reporting regimes designed to combat abusive offshore schemes used by U.S. residents should not be applied to savings vehicles and retirement plans organized outside the United States.

IRS/Foreign Trusts/July 8, 2024