American expats in Canada exempted from IRS trust reporting requirements

Americans living in Canada are to be exempted from US trust reporting requirements regarding foreign retirement trusts or non-retirement savings trusts, according to a new US Internal Revenue Service (IRS) procedure. According to Canadian tax law firm Moodys Gartner, Treasury and the Internal Revenue Service (IRS) intend to issue proposed regulations that would modify the requirements under section 6048 to exclude eligible individuals' transactions with, or ownership of, these applicable tax-favored foreign trusts from information reporting. The Treasury Department and the IRS request...