The Friday Edition
A biweekly newsletter for international tax professionals
What’s New This Week?
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How a nongrantor, nonbeneficiary of a foreign trust can be required to file Form 3520
Hello and welcome to The Friday Edition. You subscribe, I send you international tax goodies every other Friday. The Proposed Foreign Trust Regulations Create Unnecessary Paperwork The proposed regulations related to foreign trusts, published in May, 2024, will significantly increase the paperwork load for foreign trusts and U.S. persons associated with those foreign trusts. Let me give you a ridiculous example. A foreign trust owns a Vail condominium. The settlor and all of the beneficiaries are nonresident aliens. The condo is never rented.As it happens, the settlor went to college in the United States. He tells his college roommate and…