IRS Aims for Rules in 2024 on Transactions With Foreign Trusts

The IRS is aiming to issue proposed regulations next year on transactions between US individuals and foreign trusts, an IRS attorney said Thursday.

The agency is hopeful that the regulations, under Section 6048, Section 6677, and other sections of the tax code, will be out in 2024, said Lara Banjanin, senior counsel in the IRS Office of the Associate Chief Counsel (International), speaking at a conference in Washington, D.C., hosted by George Washington University and the IRS.

• The planned regulations also will deal with the information reporting requirements on foreign trusts on Forms 3520 and 3520-A, among ...