The Friday Edition
A biweekly newsletter for international tax professionals
What’s New This Week?
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Does a U.S. beneficiary of a foreign-owned foreign grantor trust file Form 8938?
Hello and welcome to The Friday Edition. I’m Phil Hodgen and I like writing about international tax stuff. Here’s a quickie for tax season and all of you return preparers out there in the trenches: intuitively you’d think that a Form 8938 is not required, but maybe your intuition may be wrong. Foreign parent is the owner of a foreign grantor trust and you are preparing Form 1040 for the U.S. citizen child. In a nutshell: The Ubiquitous Inbound Foreign Grantor Trust I set these things up all the time. Wealthy parents are nonresident aliens, and their kids become U.S….