AICPA Submits Foreign Trust Recommendations To IRS
The American Institute of Certified Public Accountants (AICPA) submitted comments to the IRS on various foreign trust reporting issues that were developed by the Institute’s Foreign Trust Task Force.
The specific comments address issues related to foreign trusts, foreign gifts, Canadian registered education savings plans, and nonresident aliens and Notice 97-34 and various foreign trust regulations. The comments cite 15 specific recommendations, including:
- Revising the Form 8891, U.S. Information Return for Beneficiaries of Certain Canadian Registered Retirement Plans, to allow it to also apply to Canadian Registered Education Savings Plans (RESPs)
- Modifying, Extending, and Filing the Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and Form 3520-A, Annual Information Return of Foreign Trust with a U.S. Owner
- Creating a Form 1041NR for foreign grantor trusts with U.S. owners, or modifying the Form 1040NR, U.S. Nonresident Alien Income Tax Return, to address various foreign trust issues
Email sign-up
Voice of the Editor
What makes a company a great place to work? Experience, a ConnectEDU company, uses criteria that include benefits, career advancement opportunities, culture, and work/life balance to form its annual list of the Best Places to Work for Recent Grads. BDO USA and Ernst & Young both made the Top 25 list. Read what makes these firms stand out and find out what can be done at your firm to entice college grads.
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
This Week on AccountingWEB
