American expats with foreign trusts to get a break

Pedro Gonçalves
clock • 2 min read

Some US citizens and Americans expats are exempt from reporting requirements for owning or transferring money to tax-favored foreign retirement trusts, the Internal Revenue Service has said. Tax code Section 6048 generally requires US persons to annually report money or property transfers to, ownership of, or distributions from foreign trusts. Failure to comply can result in penalties. The new procedures provide an opportunity to request abatement of penalties has imposed and a refund of penalties paid for tax years 2016 - 2018 or earlier years if paid in the last two years. A Form 84...

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